Your Provident Fund Contributions Will Stop From Dec 31 If You Don’t Do This; Withdrawal Will Also Stop
As per the newest reports coming in, it is necessary to take a few steps in order to receive the Employee Provident Fund, which is an important aspect of the corporate life of an employee.
Employees Provident Fund Organisation (EPFO) is a government-backed retirement agency and it puts aside a part of an employee’s pay along with a part of the employer’s contribution and distributes it after retirement.
Aadhaar Linking To EPFO UAN Necessary
As per reports, it is now necessary for you to link your Aadhaar Card with your EPFO-issued Universal Account Number. The UAN is a unique number that is assigned to each employee. It also remains with them permanently.
And now, the EPFO has pushed the deadline ahead for employees to link their UANs to Aadhaar numbers. While the old deadline or connecting the numbers was August 31, 2021, it has now been extended to November 30, 2021.
“In partial modification of the Circular No. WSU/15(1)2019/ATR/529 dated 15.06.2021 under reference, it is informed that the date of completing the seeding and verification of Aadhaar with UAN, is hereby extended till 30.11.2021 and accordingly, the date in Para 1 of the referred Circular dated 15.06.2021 mentioned as 01.09.2021 may be read as 01.12.2021,” the EPF said in a circular.
Additionally, the filing requirements for the Electronic Challan Cumulative Return have also been amended by the retiring authority (ECR). EPFO has stated that the company can submit for employees who have linked their Aadhaar to their PF UAN.
As per the statement, “After the Aadhaar seeding procedure is completed, the employer can file a separate ECR for non-Aadhaar seeded UAN.”
Consequences Of Failure To Link Aadhaar To PAN
If you fail to link your UAN to your Aadhaar number, you will have to face multiple consequences:
- One consequence you would probably face is that you won’t receive the employer’s contribution.
- Employees will probably suffer a payment delay until the accounts are linked and the data is approved by the employers and authorities.
- Employees will not be able to withdraw PF Funds from their accounts.
- They will be ineligible for COVID-19 advances and insurance benefits tied to PF accounts, which were announced earlier this year.