Many companies as well as organization offer EPF to their employees. It’s basically a scheme which is also known as Employees Provident fund. The basic idea behind offering such a scheme was to provide monetary assurance to the employees after they get retired. With EPF, the employees can save some amount of money from their salaries and once they get to retire, the company returns their money with added interest. UAN is another term which is largely used in EPF, and there are lots of people who don’t really have a clear idea. Here are the basic things that you must know about UAN and why it’s important when it comes to EPF.
Everything that you need to know about UAN
UAN or Universal account number is a unique number that is used for identification. The number is provided by the organization related to employees provident fund which is also known as EPFO or Employees provident fund organization. The number is only for those who have their account in EPF. There are huge changes that are made after the introduction of UAN as it increases the portability of EPF. Also, UAN remains same even employee decides to change the organization or quit. However, the employee needs to link their old UAN to their new ID of the organization.
What are the benefits of UAN?
Well, UAN not just make the EPF portable but also it connects the different account of EPF to the different jobs. Not only for employers but for employees, UAN make them self-authentication as they can update their details through KYC. Well, UAN is beneficial for both parties and for more here are few basic advantages of UAN that you must know:
#1 Track your EPF passbook
You can easily track your EPF passbook with the help of UAN member portal login. Apart from that, it’s easier to check employer withdrawal, stays claim, easily identity verification, contribution in EPF, etc. UAN also make updating and submission of details related to KYC hassle free.
#2 get an easy withdrawal
However, for this, it’s important that UAN is linked to your bank account. Not just that make sure your Aadhar card and Kyc is also updated with the account. After everything is done and once documents are verified, you can withdraw the amount without the need of employer’s signature. Also, you can send the application for withdrawing EPF to the EPFO.
#3 Check EPF balance without any hassle
With the help of UAN, you can check the balance of your EPF account online or also us either app. It also makes the retrieval of EPF account balance via SMS or simply with the missed call. Not just that, a message alert is also an option to stay updated with the changes or information that is needed.
#4 Smooth processes in work
Before the introduction of UAN, EPFO uses to transfer the balance of EPF to the individual account itself. However, after UAN, it’s much easier and time saving as all documents is linked to PF account which helps easy transfer.