From PF advance to Aadhaar-UAN linking, here are 5 EPF updates in 2021 that you should know

New Delhi: Employees' Provident Fund Organisation (EPFO) has in the recent times come up with several guidelines and offered facilities to its subscribers who are saddled with economic burden amidst the onslaught of the COVID-19 Pandemic.

Right from COVID PF advance to extending the deadline for Aadhaar-UAN linking, EPFO has announced several facilities for the PF Subscribers. Here are 5 EPF updates in 2021 that you should know about.

COVID Advance

The regulatory fund has allowed its members to withdraw more money from account as COVID-19 advance. “To support its subscribers during the second wave of COVID-19 pandemic, EPFO has now allowed its members to avail second non-refundable COVID-19 advance,” had said an official release. Considering urgent need of members for financial support in these trying times, it has been decided to accord top priority to COVID-19 claims. EPFO is committed to settle these claims within three days of their receipt. For this, EPFO has deployed a system driven auto-claim settlement process in respect of all such members whose KYC requirements is complete in all respects. Auto-mode of settlement enables EPFO to reduce the claim settlement cycle to just 3 days as against the statutory requirement to settle the claims within 20 days, the release said.

Employees' Deposit Linked Insurance Scheme (EDLI)

The Ministry of Labour and Employment has now announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the COVID-19 pandemic. These benefits include pension for dependents of insured persons with Employees' State Insurance Corporation (ESIC) who died due to COVID-19 and hike in maximum sum assured under the group insurance scheme Employees' Deposit Linked Insurance Scheme (EDLI), run by Employees' Provident Fund Organisation (EPFO), to Rs 7 lakh from Rs 6 lakh.

Update Date of Exit online on EPFO website

Employees Provident Fund Organization (EPFO) has brought major relief for its EPF subscribers wherein the account holders is now able to update the Date of Exit online on changing the job itself. Earlier the company had the right to update the information and this caused the account holders to be dependent on the former for updating the PF account.

EPFO-Aadhaar linking

Employees' Provident Fund Organisation (EPFO) has deferred its order on linking of Aadhaar card with PF account till September 1, 2021. Earlier, the EPFO had set the deadline of June 1, 2021. The retirement fund body had mandated filing of PF returns with Aadhaar-verified universal account numbers (UAN). With the latest order in place, now employers will have more time in hand to link their employees Aadhaar number with PF accounts or UAN. The date of implementation for filing ECR (electronic challan cum receipt or PF return) with Aadhaar verified UANs has been extended to September 1, 2021, showed an office order issued by the EPFO.

Social security benefits to the subscribers of J&K and Ladakh

EPFO has extended its provident fund, pension and insurance benefits to all employees of existing establishments covered under the erstwhile JK PF Act as well as the employees of newly covered establishments. EPFO has set up Regional Offices at Srinagar, Jammu and facilitation center at Leh. The benefits of social security schemes of EPFO in these UTs have been extended to 2.11 lakh subscribers by January, 2021 as compared to 1.29 lakh in October, 2019, registering a remarkable growth of 63%. Under EPFO, the EDLI benefit have been enhanced upto Rs. 6.00 lakh for family members of the deceased employees, which was earlier restricted to Rs. 70,000/-. Further, the subscribers of these UTs will also get the additional social security cover in the form of pension by EPFO.