Supreme Court's Decision on Aadhaar Linking in Government Schemes
The Honorable Supreme Court has permitted making Aadhaar linking compulsory wherever government schemes are availed by beneficiaries. While ESIC has discontinued linking Aadhaar, EPFO has not yet done so. EPFO operates similarly to a bank or insurance agency.
- Contribution into Account No. 1 is akin to a savings account in a bank, earning compound interest.
- The employer's contribution into Account No. 10 does not earn any interest.
- 80% of members withdraw before they become eligible for a Member Pension (less than 10 years of contribution). The interest earned by EPFO on such 80% amounts, along with the remaining 20% contributions, can easily be disbursed as Member or Death Pensions. When sanctioning such pensions, Aadhaar linking can be required.
- The employer's contribution of 0.5% towards the EDLI Scheme is similar to LIC Schemes. None of the above institutions charge such heavy administrative charges (Sri Modi reduced it to 0.5% from 1.1% prevailing before 01.01.2015).
Most members face difficulties while withdrawing their funds since the OTP is sent to the mobile number registered with UIDAI, which may be lost or changed (and not to the mobile number registered with EPFO).
Submitting the above, I request seniors to oppose, and it should reach the Honorable Supreme Court to consider this important aspect while giving its final judgment.
Regards, Gurunatha Rao M.
**Location**: Bellary, India
From India, Bellary
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The Honorable Supreme Court has permitted making Aadhaar linking compulsory wherever government schemes are availed by beneficiaries. While ESIC has discontinued linking Aadhaar, EPFO has not yet done so. EPFO operates similarly to a bank or insurance agency.
- Contribution into Account No. 1 is akin to a savings account in a bank, earning compound interest.
- The employer's contribution into Account No. 10 does not earn any interest.
- 80% of members withdraw before they become eligible for a Member Pension (less than 10 years of contribution). The interest earned by EPFO on such 80% amounts, along with the remaining 20% contributions, can easily be disbursed as Member or Death Pensions. When sanctioning such pensions, Aadhaar linking can be required.
- The employer's contribution of 0.5% towards the EDLI Scheme is similar to LIC Schemes. None of the above institutions charge such heavy administrative charges (Sri Modi reduced it to 0.5% from 1.1% prevailing before 01.01.2015).
Most members face difficulties while withdrawing their funds since the OTP is sent to the mobile number registered with UIDAI, which may be lost or changed (and not to the mobile number registered with EPFO).
Submitting the above, I request seniors to oppose, and it should reach the Honorable Supreme Court to consider this important aspect while giving its final judgment.
Regards, Gurunatha Rao M.
**Location**: Bellary, India
From India, Bellary
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Deadline for Aadhaar linking extended till 31-12-2017 for Existing EPF Members.pdf