Universal Account Number
Each Indian employee who contributes to the Employees’ Provident Fund (EPF) is given a unique Universal Account Number (UAN). It serves as a unified identifier for each individual’s EPF accounts throughout their employment history. The UAN is a significant step toward streamlining and simplifying employer and employee EPF account management.
The Employees’ Provident Fund Organization (EPFO) generates the UAN, which stays the same for an employee throughout their career, regardless of job transfers or changes. Every time an employee changes jobs, they don’t have to get a new PF account number. The UAN connects an employee’s multiple PF accounts, making it simpler to monitor and manage their EPF contributions and withdrawals.
Employees can use a variety of EPFO online services and facilities with the UAN. They can update their KYC (Know Your Customer) information, claim their EPF withdrawals, download their passbook, and check their EPF balance online. Additionally, the UAN makes it possible to transfer PF accumulations seamlessly from one employer to another, lessening the administrative burden on employees who change jobs.
Because they are accountable for registering their employees and providing the EPFO with the necessary information, employers play a crucial role in the UAN process. For an efficient and trouble-free EPF management process, they must ensure that the UAN is linked to the employee’s Aadhaar and bank account information. The UAN is a useful tool for managing employee benefits and provident funds because it makes the EPF administration in general easier and increases transparency.
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