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Sunday, April 27, 2014

What is Universal Account Number / Permanent PF Account Number

Get ready employees. Your Universal Account Number will soon be holding your maximum wealth after October 2014...read on..

What is UAN (Universal Account Number)
It is a unique number for an Employee which tracks his or her Employee Provident Fund Account. The Employees' Provident Fund Organisation (EPFO) will provide a permanent or universal account number (UAN) on the pattern of core banking services to its over five crore active subscribers by October 15 this year. UAN would be one account number which would be allotted to a subscriber for various schemes run by EPFO for his entire service period with different employers.

UAN programme
EPFO has engaged C-DAC for preparing a road map for implementing the UAN programme for its subscribers. The Center for Development of Advanced Computing (C-DAC) is the premier research and development organization under the Ministry of Communications & Information Technology for carrying out R&D in IT, Electronics and associated areas.

Impact on Employees
UAN will facilitate subscribers (employees) in avoiding filing of PF transfer claims on changing jobs. Since your PF Account number will not change because you switch jobs, you don't need to get anything transferred. It is expected to provide great relief to those workers in organized sector who frequently change jobs
UAN will be allotted to the present active members by October 15, 2014 and thereafter the coverage of other members will be taken up.

Impact on EPFO Organization
UAN will help reduce the workload of EPFO to a great extent as it receives over 12 lakh claims annually for transfer of PF account on changing of jobs by its subscribers. EPFO has settled over 1.21 crore PF claims this fiscal, including PF withdrawal and transfer, including around 12 lakh PF transfer claims.
Not only that, a large number of subscribers prefer to close their PF and pension account with EPFO and seek withdrawal of their funds rather than applying for transfer of PF account on changing jobs as it has been a time consuming process. This facility would mean more funds for the EPFO, making it an even stronger body.

It is a win-win, as is expected with the onset of technology. 

1 comment:

  1. My name is siraj Khan working as a shoe technician in TLM Trust India Private Hospital.I am going to complete 58 years age on 9/2/2018
    My average salary of 60 years Rs. 12000/
    Date of joining 9/2/1975.
    All these basis I confuse about my pension & how much I will getting pension actually according to EPS calculating formula.
    please reply earlier then I will highly grateful to you sir....

    ReplyDelete