EPFO Update- Now it has become mandatory to link Aadhaar with Employees’ Provident Fund (EPFO) from June 1, 2021. EPFO has made changes in section 142 of Social Security Code 2020.
Ake it difficult for the employed. Actually, now it has become mandatory to link Aadhaar with Employees’ Provident Fund (EPFO) from June 1, 2021. That is, now it will be necessary to link the UAN (Universal account number) of the PF account with the Aadhaar card. EPFO has made changes in section 142 of Social Security Code 2020. With this the ECR filing protocol has been changed.
Know what will happen
After the new rule, now if an EPF account is not linked to the Aadhaar number of the account holder, then the employer’s contribution will not be deposited in such EPF account. It will be the responsibility of the employer to ask its employees to get their PF account verified with Aadhaar. Otherwise, his employer contribution coming to the PF account can also be stopped. Also, the account holder will not be able to withdraw his PF.
7 lakh EDLI cover will not be available
After this new rule, if the account is not linked with Aadhaar, then the Employee Deposit Linked Insurance (EDLI) of the employee will also not be able to be deposited. That employee will also not get the cover of the EDLI scheme. Explain that all the subscribers of EPFO are covered under the Employees’ Deposit Linked Insurance Scheme 1976 (EDLI). Now the maximum amount of insurance cover has been increased to Rs 7 lakh, earlier in this facility everyone was given the benefit of Rs 6 lakh.
Know who can take advantage of this
Claims under the EDLI scheme can be made on behalf of the employee’s nominee in case of illness, accident or natural death of the employee. Now this cover is also available to the aggrieved family of those employees who have worked in more than one establishment within 12 months immediately before the death. The payment is a lump sum. In EDLI, the employee does not have to pay any amount. If there is no nomination under the scheme, the coverage will be the spouse, unmarried daughters and minor son/sons of the deceased employee.
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