In most organizations, numerous benefits are offered to the employees. The most common benefits are provident fund and pension fund. Provident funds are commonly used whereby employees and employers contribute a small portion of their salary every month in the pool fund. When the employee retires from employment, he is paid a total amount of his contribution. The best thing is that such savings are tax-free. PF is run by the Government and is somehow very similar to annuities.
On the other hand, the pension fund is run by the employer. Like Provident fund, the contribution is done by both employer & employee. The pooled fund is invested on behalf of the employee. The pension fund payable amount is subject to tax.
Like the rest of the world, India has the same types of retirement plans in the form of Employee Provident Fund and National Pension Scheme. In order to make both retirements plans legal and Government approved, the Government has made available the mapping or linking process of Aadhar with EPF and NPS. In this article, we will guide you through the process of mapping.
Link Aadhaar number with EPF account Online
- Visit the eKYC portal of EPFO (Employees’ Provident Fund Organization)
- Click the UAN Aadhar button.
- Now input your UAN and mobile number. Make sure you enter the exact mobile number that you provided during registration.
- Click Generate OTP (One Time Password) button.
- You will receive the OTP on your mobile number. Enter this on the screen.
- Enter Aadhar number & gender.
- Now, you have to choose the Aadhar verification method. There are two options to do so, one is using mobile email-based OTP and the other is using biometric.
- Of course, you will have to choose the first option. You will get another one-time password (OTP) on your mobile and email address.
- Enter the OTP to verify. Once it successfully finishes, your Aadhar will be linked with EPF.
Link Aadhar with National Pension Scheme Account
- Sign in using your NPS account on the CRA web portal.
- On the login page, click on the “Update Details” option.
- Now you have to choose a sub-option titled “Update Aadhaar/Address Details”.
- You should choose the option “Add/Update Aadhaar Number”
- Now, submit the Aadhaar Number.
- You should receive One Time Password (OTP) on your registered mobile number in the next few minutes.
- Enter on the portal and verify the process.
- Upon successful verification, your Aadhar number will be linked with NPS (National Pension Account).
Keeping in view the importance of the Employees’ Provident Fund (EPF) and the National Pension Scheme (NPS), it has become mandatory to link or map your Aadhar with both of these retirement plans. This way you can be able to monitor the status/ balance of your account in an effective and timely manner.