Employees Provident Fund Organisation (EPFO) has announced a new rule which went into effect on June 1. It has brought a change in Section 142 of the Code of Social Security 2020 making it mandatory to link Aadhaar Card with the Employees Provident Fund (EPF) account.
According to the new rule, for those whose Aadhaar card is not linked with the UAN number of the PF account, the company’s PF contribution will not be credited into their account. The EPFO stated that it is the responsibility of the companies to tell the employees to link Aadhaar with the PF account.
Besides, one may not be able to access the Employee Deposit Linked Insurance (EDLI) benefits if the Aadhaar is not linked with PF. The EDLI coverage which is around Rs 7 lakh per annum does not apply to employees whose PF account is not linked with Aadhaar.
So, employees must link their PF accounts with the Aadhaar number to avoid complications. The new rule also states that withdrawing money from PF account online will not be accessible from now.