Retirement body EPFO had extended the date of submission of Aadhaar number authentication by the members of Employees’ Pension Scheme 1995 up to 31st March 2017. Accordingly, EPFO issued a circular two days before directing that obtaining of Aadhaar should be mandatory for the time being only for the final settlement of Pension (10D claims) and not in withdrawal cases (Form 10C).
However, some news reports suggest that Aadhaar is not required in the settlement of pension claims.
Accordingly, the submission of Aadhaar is not required for the time being only in withdrawal benefit (10 C) cases under Employees’ Pension Scheme, 1995. Furnishing of Aadhaar is still mandatory for the final settlement of pension (10D) and scheme certificate cases.
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Those who have an Aadhaar card must get it linked to their bank accounts in order to enjoy the hassle-free withdrawal of the PF amount. Moreover, one should also get one’s PAN card made if one doesn’t have it, because if you do not do so, you may be liable to pay a heavy penalty while claiming your PF money. Those who do not have either must get it made as it has become mandatory for settling the final PF account.
It is also important to know that while making a claim through the new form, having a Permanent Account Number is a must. Otherwise, you will have to pay a heavy penalty. For instance, TDS will get deducted by EPFO if your services are less than 5 years. If you have a PAN card, then TDS will get deducted at 10 per cent. In case PAN is not submitted, then TDS @34.608% will get deducted. However, no TDS will be deducted in case the total balance in your PF account is less than Rs 50000.
These rules are applicable to both the forms, whether you are filling the Aadhaar-based or Non-Aadhaar based Composite Claim Form.
