EPFO has made major changes in the rules. Under the new rules, it has been made mandatory to link EPF account with Aadhaar. If someone does not link his account with Aadhaar by August 31, then money will not come in his account.
EPFO had decided to link Aadhaar under Social Security Code 2020. Under this, the Universal Account Number (UAN) of all EPF account holders is also required to be Aadhaar verified. We are telling you how you can link your EPF account with Aadhaar.
This is its process
- First you go to the EPFO portal epfindia.gov.in.
- Login to your account using UAN and Password.
- Click on the KYC option in the “Manage” section.
- On the page that opens, you can see several documents to be linked with your EPF account.
- Select the Aadhar option and click on save by typing your Aadhar number and your name on the Aadhar card.
- The information provided by you will be secured, your Aadhaar will be verified with the data of UIDAI.
- Once your KYC documents are correct, your Aadhaar will be linked to your EPF account and you will get “Verify” written in front of your Aadhaar details.
- If the link is not done then the money can stop
- If you do not link EPFO and Aadhar number before 1st September, then the contribution coming from the company in your account will be stopped. Apart from this, you may also face trouble in withdrawing money from the EPF account. If the account of the EPF account holder is not linked with Aadhaar, then they will not be able to use the services of EPFO.
Both employees and employers put money in EPF account
Under the EPFO Act, 12% of the basic salary plus DA of the employee goes to the EPF account. So at the same time, the employer (company) also contributes 12% of the basic salary plus DA of the employee. Out of the 12% contribution of the company, 3.67% goes to the employee’s PF account and the remaining 8.33% goes to the employee pension scheme. The EPF account is getting 8.50% interest annually.
