How To Approve KYC In EPF Without Digital Signature By Using E Sign

there are so many cases where employees KYC details update requests are not getting approval from their employer. Even though the employees are updating their details in UAN member portal, still they are not getting approval. Generally when an employee updates his KYC details then the employer will find those details immediately in their employer PF portal, if they have valid digital signature then they can approve the KYC details requests immediately. But the problem here is some employers aren’t aware of the digital signature, so the employees KYC update requests will remain pending at PF portal. Last year EPFO introduced Aadhar based E Sign to approve the KYC requests of employees, here we know how to approve KYC in  EPF without digital signature by using Aadhar based E sign.

How To Approve KYC In EPF Without Digital Signature

Whatever a digital signature can perform in employer PF portal the same can be performed by E Sign. But the main difference is E Sign doesn’t need any physical hardware like the digital signature.  You know when we use digital signature then we need to connect the digital signature pen drive to the system, and while using digital signature we face so many problems like Java errors etc. When we use E sign then we don’t face all those problems.

Below are the snapshots one can follow and get their kyc approved.

EDLI Benefits In Case Of Death As Per EDLI Amendment 2018

Majority of the EPF members are not aware of Employee Deposit Linked Insurance which is a part of employee provident fund scheme. Any employee whose monthly basic salary is less than 15000 Rs will eligible for EPF scheme, all the EPF eligible employee will also eligible for Employee Deposit Linked Insurance Scheme(EDLI). The main aim of the EDLI scheme is to provide security to the family members of EPF member in case of any sudden death.  Here you can find complete details on EDLI benefits in case of death as per EDLI amendment 2018.

EDLI Benefits In Case Of Death As Per EDLI Amendment 2018:

Earlier every EPF member has a life coverage of minimum 150000 Rs and maximum of 600000Rs. Bue according to the latest EDLI amendment 2018 which was made on 15 February 2018 the minimum life coverage of EPF member has increased to 250000. This amendment will be in force for next 2 years from 15 Feb 2018. It is a good news for all the EPF members.

How To Calculate EDLI Benefits

The calculation EDLI amount will be done by taking the average basic salary + DA of EPF member for last 12months preceding the date of death, that average basic wage will be multiplied by 30. For this amount, 50% of PF balance amount in preceding 12 months from the date of death is added.  If an employee doesn’t have 12months contribution and he has only 8 months service, then 50% of those 8 months PF balance will be added.

Example: If an employee monthly average basic + DA is 8000 Rs for preceding 12 months from the date of death then

8000*30 = 240000 Rs

And if he a has a PF amount of 70000 Rs in his account, then 50% of 70000 = 35000 Rs. This amount will be added to the above 240000 Rs.

 So total he will be covered for 240000+35000 = 275000 Rs

Here the covered amount is more than 250000 so there is no problem, if it is less than 250000, for example if it is 190000 Rs then as per this latest EPF amendment scheme that EPF member will be covered for 250000 Rs. So it is beneficial for EPF members who are getting less monthly basic wage + DA.

The maximum life coverage of EPF member under EDLI scheme is 600000 Rs.