Provident fund is the necessity and right of every single employee in this country. The EPFO or the Employees’ Provident Fund Organization is responsible for every single employee’s provident fund. It’s a government body and came under the purview of Ministry of Labor and Employment which came to the existence from 1951. One of the key factors in this is the UAN or Universal account number. we are going to discuss the UAN number and its feature and benefits in this article.
What is UAN number?
UAN or Universal account number is a 12 digit code given to every single employee who put their savings in a provident fund. UAN will be the same for the employee even if they changed their job. As it was written in the official website, it’s an umbrella to cover all the other member id at sync all the PF activity at one place.
UAN number was established for the ease of making things less complicated for the members. They can manage their PF online and get all the information. getting new UAN number is also easy and now they don’t need to depend on their employer to do that. They can change as many jobs as they want but all the PF would come under the same UAN number even if they have many other members ID. This centralizing of information would be helpful for the employer as well because they can access all the information about their employees like their past job and duration as well. Transparency and swift result would be provided with this service and paperwork would become easy for any claim.
All the employee with the wages over 15000 rupees need to have their EPFO account and UAN number. their PF would be paid in full when they retire or resign or on their demise to their widow, children, dependent parent, nominee. This lump sum amount would be useful in many ways like financing their life insurance, getting a new home, marriage of their own or their children, education for their children or in the time of illness or treatment as well.
The government encourages everyone to have their PF account to save for the retirement. With their pension scheme which would be applicable if the person has completed more than 10 years at a job or when they reach at the age of 50. The minimum pension would be 1000 rs. If they lined their insurance scheme to their provident fund they can get as much as 6 lakh for that.
- With the help of UAN number, members can check their detail online which is perfectly accurate
- It will help you get all the information regarding credit and debit in your PF
- With every single UAN number, its a unique code given to every single member and with help of this number, all the information is accessible.
- This service is digital so that now there would no fraud and false claim
- An employee can settle their claim without the help of their employer, which will help them shorten the duration of time it would take in the past
The advantage of UAN number
- Even if the person has changed job, UAN number is one centralized place to gather all the information at one place.
- That mean, you don’t need to generate new UAN number every time you change your job
- Employees can transfer their PF balance from old to new with UAN number
- You can withdraw the PF online with UAN number
- You can get PF statement at ease form this UAN number and you can also get this information into your mobile number
The benefit of UAN number
- Before the UAN number, employee have to contact their former employer and make them sign many documents and it would take a long amount of time to settle the claim, with this simplified UAN number, it would take just a few clicks to get their PF
- UAN number holder or EPFO member can get updated notification on their mobile number which they have registered on the time of UAN Number activation
- With just one miscall, UAN number holder can get all the information they need right from their mobile number
- EPFO has a mobile app, in which members can log in and see all their detail, they don’t need to visit the website anymore.
- Easy to get, as all the process is online and anyone can get their own UAN number in a matter of minutes.
- One number for all other member ID. Regardless of how many jobs you have, you can put your all member detail under same UAN number.
We hope that this information would shed light on everything about UAN number and feature and benefit of UAN number. if you have any question regarding UAN number, do comment on this post.