Unified Account Number

Every member of the Employees’ Provident Fund Organisation (EPFO) is given a twelve-digit number with which he can manage his PF accounts. The Ministry of Employment and Labour, part of the Indian government, issues this number. It enables a person to obtain all Provided Fund (PF) information in one location, regardless of the company for which he/she works.

Previously, when a person started working for a new company, they were given a new PF account number, which made calculating the PF quite complicated. Not only that but the ability to keep track of activities was also hampered in the event of problems with total pay evaluation. UAN is a solution to the same problem.

UAN’s Features and Benefits

The features of UAN can be discussed as follows:

1. UAN aids in the centralisation of personnel data across the country.
2. It relieves the EPF organisation of the burden of employment verification from firms and employers.
3. Thanks to this account, EPFO was able to extract the member’s bank account information and KYC without the involvement of the employers.
4. It can be used by EPFO to keep track of an employee’s frequent job changes.
5. The number of late and early EPF withdrawals has fallen dramatically after the implementation of UAN. UANs are distributed via the internet.

The online allotment of UANs takes place in the following stages:

1. First, the EPFO issues the UAN to all PF account holders.
2. Then, the UAN information must be downloaded and given to the employer.
3. This UAN is then forwarded to the organisation’s concerned employee.
4. Checking the UAN allotment is made easier using the EPFO web portals.

Documents Needed to Register for a UAN

You must provide the following papers to complete a secure UAN registration.

Identity Proof- Driving Licence, Passport, Voter Id, etc. Updated Aadhar Card, PAN Card, Bank Account Details, and IFSC.

Services provided by the EPF Member Portal

UAN Login for Employees and Employers is required to access the UAN portal and use the website’s features. Employees can quickly download/view their passbooks or change their information via this site. Employers, on the other hand, get to evaluate the actions and record them in the accounts. The portal keeps a more comprehensive record of contributions to the EPF account.

You can accomplish the following after logging in using your UAN and password:

1. Obtain a copy of your passbook and your UAN card.
2. View the member’s ids as well as the status of their PF connection.
3. Check the status of a transferred claim, file a claim, and review any transfer claims created by the system.
4. Make changes to your email addresses and phone numbers.
5. Update your KYC documents and upload them as well.

Employee Benefits of UAN

1. Less Employer Involvement in PF Withdrawals: Employer participation is decreased with UAN because the former organisation’s PF would be moved to the new PF account once KYC verification is completed.
2. It is not necessary to transfer funds: The employee must provide his UAN and KYC to the new employer, and once the verification is completed, the previous PF account is transferred to the new PF account.
3. SMS notifications make it simple to manage: After registering at the UAN portal, employees receive SMS alerts anytime their employer contributes.

How has UAN simplified the process of withdrawing and transferring funds?

When an employee changes jobs, he has the option of withdrawing or transferring his funds. However, because the process was so time-consuming, most people did not use their PF. The task has been made easier in the following ways since the debut of UAN. You can link your UAN to all of your PF accounts.

After the KYC verification, you must provide your UAN to the employer, and you can maintain your account online. Monthly, you will receive a text message with information about the employer’s PF account deposits. When a PF account is linked to a UAN, the employer’s involvement is reduced. Because UAN makes it easier to integrate all PF accounts, withdrawals are quicker.

Conclusion

Hence, the universal account number (UAN) is allotted to all salaried employees who contributed a part of their income towards the Employee provident fund (EPF). This account number helps them to check their PF related activities.