EPFO has made a significant judgment concerning the Provident Fund. According to the report, the new regulation will take effect on PF accounts on June 1, 2021. Your employer is now in charge of obtaining Aadhaar verification for your account.
If they don’t, your employer contribution will stop being deposited into your account. As a result, it’s critical that you link your PF account to Aadhaar as soon as possible. UAN should be Aadhaar verified as well.
The new order- Under Section 142 of the Social Security Code 2020, EPFO has made a new determination. EPFO has told employers that if an account is not connected to Aadhaar or if a UAN is not Aadhaar validated, the ECR-Electronic Challan Cumulative Return would not be submitted after June 1. The employer’s contribution to the PF account holders might also be halted in this circumstance.
Issuing of Notification- EPFO has sent out a notice to all employers, stating that starting June 1, 2021, if a member’s account is not connected to Aadhaar, ECRs would not be able to be filed.
In addition, PF account holders who do not have their accounts linked to Aadhaar would be unable to utilize EPFO services.
Steps to link Aadhar Card:
Step 1: Log in to the official EPFO website by going to www.epfindia.gov.in and clicking on the link.
Step 2: Select Online Services – e-KYC Portal – connect UAN Aadhar from the drop-down menu.
Step 3: Add your UAN number and registered mobile phone to your UAN account.
Step 4: An OTP number will be sent to your cell phone. Enter your 12-digit Aadhaar number and the OTP number in the OTP box, then submit the form. Then choose the option for Proposed to OTP verification.
Step 5: To validate your Aadhaar data, generate an OTP and send it to the cell number or email address associated with your Aadhaar. Your Aadhaar will be connected to your PF account after verification.
Are you treating Pfs as emergency funds?
The first guideline of emergency fund cash is that it should be money you can get to quickly in an emergency. Money in your Public Provident Fund (PPF), Employee Provident Fund (EPF), or Equity Linked Saving Scheme (ELSS) cannot be included in your emergency fund since it has a lock-in period.
The only two characteristics that should be considered are safety and liquidity. A liquid fund, an overnight fund, an extremely short-term bond fund, or a bank fixed deposit are all options. It does not have to be one or the other, but rather a mixture of such investments. The emergency fund is a type of personal insurance policy, not a way to accumulate riches. If the money is not easily available to you and your close family, it may negate the purpose if you are away from home or hospitalized. Also, consider how long it will take you to locate a new job if you lose your current one. It may be more difficult to find a new job if you are a senior employee or work in a highly specialized industry.
To be on the safe side, putting aside a year’s worth of basic needed costs in an emergency fund is a good idea. If it’s too big to do all at once, break it down into months.