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Wondering what UAN is and how it is related to salaried individuals?
Individuals need to have UAN to access all the previous and present PF (Provident Fund) accounts.
Stay with us and learn about the importance of UAN, its benefits, and activation process and much more. Read along!
UAN is a 12 digit unique number provided to each employee contributing to the Employees Provident Fund. This unique number is generated and assigned by the Employee Provident Fund Organisation (EPFO). The Ministry of Labour and Employment authenticates UAN under the directives of the Government of India.
This number remains the same for each employee throughout their life irrespective of the number of times they have joined new organisations.
Apart from knowing what UAN number is, individuals must learn about the various related things to use this UAN more efficiently.
The UAN full form is Universal Account Number.
UAN is important for several reasons. These are -
From the section mentioned above, it is clear what is a Universal Account Number and why it is needed. Now let’s focus on the various advantages its uses offer.
Below is discussed some of UAN number advantages. Read along!
Previously, a manual transfer from old PF accounts to the new ones was time-consuming and was full of errors. Even the introduction of a digital process did not ease this process significantly.
However, after UAN implementation, employers can successfully transfer funds by submitting UAN and KYC details to the new employer. Once the employer verifies all data, PF transactions from the old account to the new one can be completed hassle-freely.
Before UAN was introduced, PF withdrawal was dependent on employers as the application was sent to the previous employer for signature, and then it was sent to EPFO.
However, in the case of UAN, this dependency has been reduced. The PF amount from the old account to the new is transferred automatically once the KYC verification is completed.
One of the UAN number benefits is that it ensures streamlined transactions and additional security. As with every activity in the PF account, i.e., withdrawal and monthly employer’s contribution can be received via SMS. In addition, individuals can check account balances through UAN. For this, they have to download the PF passbook from the EPF website.
Before implementing UAN, employees had to withdraw from the Employee Pension Scheme, which affected the amount at the retirement.
However, with UAN, both the Employee Pension Scheme and Employers Provident Fund account balances are automatically transferred to the new account, increasing the amount at the retirement.
Till now, we have discussed what UAN number is and its benefits. Now, let’s see how one can generate it.
Now that individuals know what Universal Account Number means, its importance and its benefits, they must know the process of generating it.
Follow the steps mentioned below to generate a UAN number.
Once the new UAN is generated, new employers can easily link the Provident Fund account of employees to that UAN.
Here is a list of all the documents required to generate UAN.
Individuals can check UAN number details in various ways. These are,
Members/individuals registered on the UAN portal can get complete details with a missed call facility. The process is straightforward. Read along!
One must remember that this service is applicable for employees who have their UAN integrated with KYC details.
Individuals can check UAN with an Aadhaar card as well. Read on to know the process.
A new message will notify you that the UAN details have been sent to your registered phone number.
To activate UAN EPFO, individuals need to follow the steps mentioned below.
Equipped with the knowledge of what UAN number is, its benefits, importance, generating and activation process, individuals can now easily and conveniently access all their PF accounts.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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