The Central Board of Trustees (CBT)
The Central Board of Trustees (CBT) is a statutory body that administers the Employees’ Provident Fund Organisation (EPFO). The board is consist of representatives from the government, employers, and employees. The CBT is established by the Central Government under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The board’s term is five years.
The CBT’s members include:
- Chairman: Dr. Mansukh Mandaviya (The union labor minister)
- Vice-chairman: The minister of state for labor and employment
The Employment Linked Incentive (ELI) scheme is a part of the Union Budget 2024-25 aiming to create jobs and improve livelihoods in India. The scheme has three major components:
- Plan A: Provides one-month wage of up to Rs 15,000 to first-time employees who register with the Employees Provident Fund Organisation (EPFO)
- Plan B: includes Incentivizing employers and employees to hire first-time employees particularly in the manufacturing sector. Benefits are based on EPFO contributions during the first four years of employment.
- Plan C: Includes reimburses employers up to Rs 3,000 per month for up to two years for each additional employee with a salary up to a certain amount
The ELI scheme also includes an internship program to skill 1 crore youth over five years. The program will provide a stipend of Rs 5,000 per month and a one-time assistance of Rs 6,000 to interns.
The ELI scheme is intended to:
- Help workers displaced by automation transition into new industries
- Provide financial support to mitigate risks associated with changing careers
- Encourage workforce expansion, especially in industries with financial constraints
- Formalize workers in the informal sector
Ministry: The Ministry of Labour and Employment
