PF account rule to change from September 1; Here’re dos & don’ts for EPF subscribers

As per the latest circular passed, the Employees Provident Fund (EPF) subscribers now have to link their Aadhaar with the Provident Fund (PF) accounts before September 1.

As per the latest circular passed, the Employees Provident Fund (EPF) subscribers now have to link their Aadhaar with the Provident Fund (PF) accounts before September 1.  The foundation has been mandated to link Aadhar with PF UAN (universal account number) to retrieve their PF amount from the employers. The initial date of this mandatory procedure was 1 June, initially but was later extended to 1 September. The retirement fund body EPFO added in an official guideline that the directive on Aadhaar matching will not take place from 1 June.

According to the initial notice published by the EPFO, Aadhaar can be validated only when details like name, date of birth, gender matches with the official records, in case if not then the monthly EPF contributions go in vain. This action has affected a major chunk of employees especially the low paid ones due to record mismatch. Therefore, if your Aadhar is still not linked with your PF account, it’s high time to initiate the same and incur benefits.

About the second mutant wave in India, EPFO has granted an advance to its five crore subscribers. Moreover, this year, the retirement fund body had permitted its members to withdraw COVID-19 advance to meet unforeseen circumstances due to the ongoing pandemic. The members were allowed to withdraw three months basic wages (basic pay dearness allowance) or 75 per cent credit amount deposited in their provident fund account.

Source Mint
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