When you shift your job, you don’t need to worry about transferring your Old Provident Fund Account to new Provident Fund Account. The process of getting employer sign the transfer form and to get the fund transferred from old account to new account used to take considerable time. But this process of transferring account is going to be the past soon with the advent of Universal Account Numbers (UAN).
What is Universal Account Numbers (UAN)?
Retirement fund body Employees Provident Fund Organization (EPFO) is going to assign a unique account number termed as Universal Account Numbers (UAN) to its subscribers. UAN will become the identity of the subscriber throughout his working career.
How Universal Account Numbers (UAN) will work?
Universal Account Numbers (UAN) will work on the principal of core banking services. Under core banking services, an account holder can avail the bank services from any branch of the bank through his account number.
Similarly, once the Universal Account Numbers (UAN) is assigned to the subscriber, he will not be allotted any new account number on joining new organization. A member-id would be given to him/her which would be linked to his/her UAN. In case the he/she has already been allotted a UAN, he/she is required to provide the same to the new employer to enable the employer to link his/her member-id to UAN.
What are the Benefits of Universal Account Numbers (UAN)?
- UAN will be portable throughout the working career of the subscriber.
- Subscriber would be given a personalized log-in with which they can download the UAN Card, view the PF account Balance, File and View Transfer Claims, Update KYC Norms and View updated PF account.
- UAN will vanish the Dormant/Inactive Account Terminology.
- Enable Hassle free transfer of PF Funds.
Progress of UAN Allotment
Till now EPFO has issued 4.17 crore Universal Account Numbers to the employers which are to be allotted to the subscribers. Employers are asked to seed the contributing members KYC details such as bank account, PAN and Aadhaar Card. Individual subscribers can also upload the data related to KYC on UAN portal through his or her individual login on member portal. The facility is available in the EPFO website www.epfindia.gov.in. Helpline numbers: 1800-118-005 (toll-free) or 0471-2449545.
These 4.17 crore Universal Account Numbers are expected to be operational by October 15.