July 13, 2016

Top 10 benefits of UAN (Universal Account Number)

EPFO (Employees’ Provident Fund Organisation) has commenced UAN for EPF account with various benefits. It has introduced this unique number to connect multiple PF member ID. UAN is abbreviated as Universal Account Number which can be identified as 12 digit numerical format. The top 10 benefits of UAN are:

(1) To provide unique number for life time of member
(2) To ease transfer process
(3) To link multiple accounts under single account
(4) To know account updates at one's convenience
(5) To bring faster withdrawal
(6) To enable transparency
(7) To correct account details
(8) To eradicate corruption
(9) To provide portability
(10) To give more control over account

How it is Unique?

UAN is allotted only one time for each EPF account member which means that it cannot be created multiple times for same person. It is different from EPF account number and its ID because the retirement body provides EPF account numbers to employer whenever the employer registers their newly joined employees for EPF and EPS schemes. The employer has to just distribute EPF account number to employee after receiving it. Likewise it can be created multiple times for the same member through employer whenever an employee joins with different establishments. However, the Universal Account Number cannot be created multiple times like EPF account number whenever he/ she join with different organisation. Therefore it is going to be unique number for every employee throughout life time.

How it is portable?

The world’s largest retirement body has initiated unique number concept with purpose of linking the multiple EPF account numbers of the same person in order to simplify the transfer process. Here after, the employees have to just disclose Universal Account Number to the latest employer is enough for creating and linking previous EPF account number. The previous EPF account numbers will be linked or tagged by your new/ current employer. The employer need not to remember multiple or old EPF accounts. If any of their EPF account missed or nor tagged they can easily catch it through UAN login. That is why it is also named as portable number.

Is UAN card useful?

Yes. The members can download UAN card at online for printing. It can be carried in wallet for personal reference. It is looking like other identity cards of Indian government organization. This card is not meant for photo identity proof at present. It cannot be submitted for any other purposes because it is not yet recognized as proof document. The photo of the member in UAN card is not displayed at present because the linking of AADHAAR photo database with Universal Account Number is not implemented. The new feature provided at EPFO website that any citizen of India can just get one UAN by submitting necessary documents at online. There is no need to be an EPFO customer.

How it gives you more control over EPF accounts?

The member can also avail various EPFO facilities like miss call, short code SMS and download passbook to know more about their EPF account. Each member provided with separate login to watch what is going on their accounts thus brings transparency and a step closer look of their account. The account member can also take necessary steps if they find any errors.

How soon quick withdrawal is possible?

The ministry has proposed and working towards online withdrawal which is expected to be released very soon. The seeding of AADHAAR with UAN is going to be necessary for upcoming facility like online withdrawal. After it is implemented, the withdrawal can be done in just matter of 3 hours of time immediately after receiving claim request. The linking of PAN for tax purpose is also under progress. The aim is to bring all facilities under one umbrella and to bring centralized access.