Hi guys, this article provides full
information about the UAN (Universal Account Number). So why late
let’s have a look.
Universal Account Number:
The UAN is the shortcut word for Universal
Account Number. This UAN is
the12 digit unique number allotted to the each member of the EPF. This will helps him to control the
EPF accounts.
This Universal Account Number is issued by the employment government of
India. If the person will changed the job then he will get another PF account.
So in this way the multiple PF accounts will allot to an employee.
Advantages of UAN:
v No involvement of
employer in the PF withdrawals:
Presently, any request for the PF withdrawal
has to pass through the previous employer has to sign then forwarded to the
EPFO. The PF money in the previous account will automatically transferred to
the new PF account after KYC verification.
v No need to transfer
the Funds:
Transferring PF amount from the one
employee account to the other used tedious and lengthy process. For this advent
of UAN there need to transfer at
all. For change the accounts that mention the KYC and the UAN details to the employer.
v SMS alerts for the
easy management:
After the register of the EPF then the
employees received the SMS alerts from EPFO. The alerts are very similar to that
phone every time your bank account is credited or debited.
v Enhanced the
effectiveness of employee pension scheme:
Many of the employees preferred
withdraw the PF amount from the account while switching the jobs. When the PF
money is withdrawn then the fund contributed towards the employee pension. Instead
of withdrawing and transferring the EPF money directly results in greater
pension money after the retirement.
Benefits and features of UAN:
Introduction of the UAN, bank account details of the member
and the KYC details are linked that the employee identity is established and
verified.
The main benefits of the UAN as follows
Employees can withdraw
their PF online using UAN
Employees can
connect all the PF accounts to the single unified account
While transferring
the PF amount from old to the new account is also made easy with the UAN
UAN
is the identification number that is independent to the employees and they
required for the employer to authenticate to your profile if the KYC
verification and aadhar number
Employees can check
their EPF balance instantly using the UAN
member portal only. Also by sending the SMS with the UAN number
The UAN will helps the employee to manage
their PF accounts online and would that any employer not able to hold back the
PF amount of the employee
Employees able to
track if the company is depositing the PF every month just by the registering
on the UAN
These
are the details of UAN. Stay
tune!!!! In the next article get the details for Universal account number registration process. Hope have a great
time while reading the article. Please
share your suggestion and experiences with us through comments below.
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