Aadhaar link with PF account a must from June 1, non-compliance can lead to huge financial losses | Personal finance news
New Delhi: The new rules of the Employees Provident Fund on the link between Aadhaar and PF come into effect from today June 1, 2021. If the PF account holders do not follow the rule, they can be faced with a major impact on their contribution to the EPF.
Linking the PF account with Aadhaar
According to the new EPFO rule, each account holder must have their PF account linked to the Aadhaar card. It will be the employer’s responsibility to ask employees to verify their PF account. If before June 1, employees fail to do so, then they risk suffering several losses, of which the employer’s contribution to the PF account may also be interrupted. A notification in this regard has also been issued by EPFO.
What does the new rule consist of?
EPFO has implemented new rules under article 142 of the 2020 Social Security Code. The supervisory body has clearly indicated to employers that from June 1, if a PF account is not not related to Aadhaar or UAN is not verified Aadhaar, then his ECR -Electronic Challan cum Return will not be filled.
This means that although employees can see their own contribution to the PF account, they will not be able to get the employer’s share.
How to link an EPF account to Aadhaar
Log into your EPF account on the unified member portal
Click on the “KYC” option in the “Manage” section
You can select the details (PAN, bank account, Aadhar, etc.) you want to link with UAN
Fill in the required fields
Now click on the “Save” option
You have finished.