>>Is Aadhar Card Mandatory for PF Accounts?

Is Aadhar Card Mandatory for PF Accounts?

The question, “Is Aadhar Card Mandatory for PF accounts,” has been staying in the mind of many people.

It is because, the unique identification number, Aadhar, has achieved extensive use in many social welfare and beneficiary projects in many areas. It is the highest identity project appreciated on a global basis.

The potential advantages of linking Aadhar number of residents to the various projects comes at an enormous cost and time-saving mechanism for the Government and also improves the performance of the Government machinery.

This article gives you the reply to that question along with some insights about the same.

Is Aadhar Card Mandatory for PF?

It was notified in the Parliament by Labour Minister Bandaru Dattatreya, that it is not compulsory for subscribers to provide their Aadhar card details for any provident fund transaction.

In 2014, the Retirement Fund body EPFO(Employees’ Provident Fund Organisation) had chosen to begin working as a registrar of the Unique Identification Authority of India (UIDAI) to allow the subscribers with the Aadhar enrolment process, in case they do not possess one.

Ever since the statement was published, queries have been raised to know whether the EPFO has made it necessary to submit Aadhar Card details of employees for any Provident Fund transactions.

The EPFO finds that it is highly necessary to seed the portable Universal PF Account Numbers issued by it, with the Aadhar number of contributors owing to the benefits linked to it.

Some of the facilities like the settlement of PF withdrawal alleges by online means, can be provided to all those members whose PF accounts retirees with Aadhar number.

Since the biometric details of the contributor’s system in the process, it provides for smooth financial transactions which were once supposed tedious.

Aadhar Card Advantages for Retired Employees:

As Aadhar numbers are being used for verifying pensioners, they enjoy the comfort of not required to be physically present before the pension paying agency.

Recently, the Government has launched a digital life certificate scheme for retired employees and also a fund portability scheme. The facility gives the pensioner an opportunity to produce his/her life certificate remotely, through the Jeevan Praman Portal.

Most importantly, Aadhar number of pensioners helps the Government in identifying fake beneficiaries and to eliminate them from the scheme.

Approximately, 22.5 lakh persons have activated their universal PF account numbers (UANs) which will endure portable throughout the life of subscribers, as of 2014. Also, in a state-wise ranking Maharashtra tops the list with a maximum number of 4.27 lakh activated UANs, with Karnataka (3.22 lakh) and Tamil Nadu (2.72 lakh) being followed next in order.

The linking of Provident Fund account of an employee with their Aadhar number can make many processes simpler and easier for them.

We hope this article was enlightening in answering your question ,“ Is Aadhar card mandatory for PF?” Please check this website for many such useful resources.

By | 2016-11-15T18:49:26+00:00 November 4th, 2016|News|0 Comments

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