Friday, 6 January 2017

Aadhaar now obligatory for EPF pension scheme

The Centre offers Rs 850 crore once a year on a tapering foundation as annual budgetary reinforce against the pension scheme.

The Centre has made obtaining an Aadhaar quantity necessary for 2.5 crore members of the workers’ Pension Scheme of 1995, one of the vital benefits available to workers’ Provident Fund subscribers.
The Labour Ministry stated in a notification that these with out an Aadhaar quantity should make an software to get enrolled by means of January 31, 2017.
The subsidy, an identical to 1.16 per cent of the employee’s income upto rs. 6,500, paid by means of the Centre in opposition to the EPS, will no longer be credited until the Aadhaar number is shared with the authorities.
“participants and pensioners of the workers’ Pension Scheme desirous of continuing to avail pension and membership to the workers’ Pension Scheme by availing the valuable government’s contribution and subsidy beneath the mentioned scheme, are hereby required to furnish proof of the possession of the Aadhaar quantity or endure Aadhaar authentication,” a notification issued with the aid of the Union Labour and Employment Ministry on January four said.
in keeping with the notification, till a subscriber enrolls for Aadhaar, the principal executive will present pension subsidy underneath the scheme only after certain paperwork are produced, including id certificates issued with the aid of the agency and a duplicate of the request made for Aadhaar enrolment.
These documents must be submitted to the staff’ Provident Fund supplier or EPFO along with both of the following paperwork: voter identity card, passport, PAN card, using license or a certificates of identity approved by means of a gazetted officer.
At present, the minimal pension under EPS is rs. 1,000 monthly and an worker can receive pension only after a minimum 10 years of carrier.
The Centre contributes 1.16 per cent of the worker’s revenue towards the scheme along with company contribution of 8.33 per cent of the revenue.
employees are robotically enrolled beneath EPS if they are participants of the staff’ Provident Fund scheme. The Centre provides Rs 850 crore yearly on a tapering foundation as annual budgetary strengthen in opposition to the pension scheme.
“no longer all employees have an Aadhaar number. we aren't towards the government’s move to link disbursement of subsidy quantity with Aadhaar number but the govt has given an extraordinarily short notice to get enrolled below Aadhaar and it should be reviewed,” All India trade Union Congress (AITUC) secretary D.L. Sachdev said.

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