Mr. Reddy,
For pension, there are several documents to prove one's identity. The government can't make Aadhar mandatory for pensioners. In fact, the government is forcing Aadhar to be linked with UAN due to only one reason. Back in 2015, the bench presided by the then CJI H.L. Dattu said that the GoI can't make it mandatory for welfare schemes. Then, showing it as a money bill, the GoI passed the Aadhar Act in March-April 2016. As per this rule, for the proper dissipation of resources from the Consolidated Fund of India, one has to show his/her Aadhar in order to get the benefits of social welfare schemes. And this is the catch.
I'm not a pensioner under the EPS scheme right now. I don't withdraw a pension, so I don't need to show my Aadhar to the Government of India. However, the GoI is only forcing to link Aadhar because they are giving 1.16% to the respective EPF accounts. That amount is getting debited from the Consolidated Fund of India. This is the only reason the GoI is so adamant to link Aadhar with UAN. Even if I get a pension from EPS, I don't get it from the GoI. I withdraw some money once I attain the age of 60, and by using the rest of the amount, I have to buy an annuity in order to get a monthly pension. So the only reason is this. In fact, this is the only reason the Government itself is saying repeatedly.
Please correct me if I'm wrong.
From India, Kolkata
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1For pension, there are several documents to prove one's identity. The government can't make Aadhar mandatory for pensioners. In fact, the government is forcing Aadhar to be linked with UAN due to only one reason. Back in 2015, the bench presided by the then CJI H.L. Dattu said that the GoI can't make it mandatory for welfare schemes. Then, showing it as a money bill, the GoI passed the Aadhar Act in March-April 2016. As per this rule, for the proper dissipation of resources from the Consolidated Fund of India, one has to show his/her Aadhar in order to get the benefits of social welfare schemes. And this is the catch.
I'm not a pensioner under the EPS scheme right now. I don't withdraw a pension, so I don't need to show my Aadhar to the Government of India. However, the GoI is only forcing to link Aadhar because they are giving 1.16% to the respective EPF accounts. That amount is getting debited from the Consolidated Fund of India. This is the only reason the GoI is so adamant to link Aadhar with UAN. Even if I get a pension from EPS, I don't get it from the GoI. I withdraw some money once I attain the age of 60, and by using the rest of the amount, I have to buy an annuity in order to get a monthly pension. So the only reason is this. In fact, this is the only reason the Government itself is saying repeatedly.
Please correct me if I'm wrong.
From India, Kolkata
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Dear Sir,
When I checked with the EPF site, my UAN number is not linked with AADHAR and PAN. The reason is that the records do not match with the Income Tax (PAN) database. In the EPF office, my company registered only my first name and last name. However, my PAN card mentions my full name. I have submitted an application to my HR.
How many days does it take to change the name on the EPF site? Going forward, our HR department will also implement registering names as per the PAN and AADHAR cards in the EPF system.
Thank you.
From India, Warangal
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When I checked with the EPF site, my UAN number is not linked with AADHAR and PAN. The reason is that the records do not match with the Income Tax (PAN) database. In the EPF office, my company registered only my first name and last name. However, my PAN card mentions my full name. I have submitted an application to my HR.
How many days does it take to change the name on the EPF site? Going forward, our HR department will also implement registering names as per the PAN and AADHAR cards in the EPF system.
Thank you.
From India, Warangal
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Hi ANONYMOUS,
Your understanding about the EPS scheme is half correct. I will explain it to you. Your PF contributions of 12% go to a fund called EPF. The company contributions of 12% go to two funds: EPF and another called EPS (8.33% of Basic to a maximum of 1250). Your EPF fund can be withdrawn (100% without any tax) once you attain 58 years. The remaining 8.33% is considered your contribution towards the pension fund, which is a pool. Based on your service period, the pension would be calculated at the rate of (Last drawn Wages * No. of Service / 70). This is called superannuation pension. Therefore, you are not buying any annuity out of your EPF, but receiving a pension from a pool of funds. The Government of India (GOI) is contributing to the pool and not to the individual account for EPS.
If you think the EPS scheme only provides superannuation pension, that is incorrect. EPS provides Dependent pension, Widow Pension, Children's pension, and Orphan pension in case of any eventuality to the member. All these benefits come from the pool fund. Social security schemes like EPF, EPS, and ESIC offer significant benefits to employees.
I suggest focusing on the positive aspects of connecting Aadhar instead of criticizing the government's intentions. For example, my PF transfer from the previous to the current organization was completed in just 5 working days due to the KYC process. I know people who have been struggling to transfer for the past year because they were not KYC compliant.
As others have explained, people often have multiple PAN/Voter/DL's, and passports have a validity of a maximum of 10 years.
Regards,
Keshav Reddy.
From India, Bangalore
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Your understanding about the EPS scheme is half correct. I will explain it to you. Your PF contributions of 12% go to a fund called EPF. The company contributions of 12% go to two funds: EPF and another called EPS (8.33% of Basic to a maximum of 1250). Your EPF fund can be withdrawn (100% without any tax) once you attain 58 years. The remaining 8.33% is considered your contribution towards the pension fund, which is a pool. Based on your service period, the pension would be calculated at the rate of (Last drawn Wages * No. of Service / 70). This is called superannuation pension. Therefore, you are not buying any annuity out of your EPF, but receiving a pension from a pool of funds. The Government of India (GOI) is contributing to the pool and not to the individual account for EPS.
If you think the EPS scheme only provides superannuation pension, that is incorrect. EPS provides Dependent pension, Widow Pension, Children's pension, and Orphan pension in case of any eventuality to the member. All these benefits come from the pool fund. Social security schemes like EPF, EPS, and ESIC offer significant benefits to employees.
I suggest focusing on the positive aspects of connecting Aadhar instead of criticizing the government's intentions. For example, my PF transfer from the previous to the current organization was completed in just 5 working days due to the KYC process. I know people who have been struggling to transfer for the past year because they were not KYC compliant.
As others have explained, people often have multiple PAN/Voter/DL's, and passports have a validity of a maximum of 10 years.
Regards,
Keshav Reddy.
From India, Bangalore
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