EPFO Updates: The Employees’ Provident Fund Organization ( EPFO ) is working on the process of issuing a Universal Account Number (UAN) for its members on a single basis. Its purpose is to simplify the process of withdrawing funds from PF.
This will ensure that there will be no two UAN numbers when an employee leaves the job or gets another job.
UAN was implemented by EPFO with a very ambitious objective. Under this system, a UAN is issued to the employee. If a member leaves one job and joins another, he only has to give his UAN number at the new place. After that the amount of the old PF account is transferred to the new account, but it has been seen that two or more UAN numbers are issued in the name of one member. In such a situation, when the employee applies for PF withdrawal, the system does not know from which account he is claiming the withdrawal of funds. In such a situation, many times the claim gets rejected or the withdrawal takes a lot of time.
If there is already a UAN, a new number will not be issued. The PF account will also be activated on this UAN. If no UAN has been issued on the basis of the employee, then a new number will be issued. This process will start completely in the new system i.e. EPFO 3.0. However, last year the system of Aadhaar based one time password was implemented from the number, but now work is going on to make it more advanced, in which only one UAN can be opened on one Aadhaar. After this, people will not have any problem in withdrawing money from the PF account.
Mistakes occur due to not providing correct information
It has been seen in many cases that when an employee moves from the old company to the new company, the old UAN number is not given or the new company does not ask for it. Such employees are registered as new members on the EPFO portal, due to which the EPFO IT system issues a new UAN. Due to this, two or more UANs are allotted to the employee. Most employees consider this a normal process. But the problem arises when they withdraw from the PF account or make necessary updates in the account. These important works of theirs get stuck because due to having two UAN numbers, the details cannot be matched and verified.
Option to link two or more UANs still available
If an employee has two or more Universal Account Numbers (UAN) linked to his PF account, then he has the option of merging them. According to the rules of the Employees’ Provident Fund Organization (EPFO), a person should have only one UAN at a time. Having two numbers does not benefit from the facilities of EPFO. If an employee is in this situation, then he can avoid many problems by merging both the UANs. For this, application can be made both online and offline.
If you have two UANs…
1. As soon as you come to know about it, inform your employer or EPFO.
2. You can send an email to EPFO mentioning your current and previous UAN.
3. EPFO will verify the issue and the previous UAN will be closed. The current number will be kept active.
4. Make sure that you do not forget to claim to transfer your old blocked EPF account to the new account.
Merge methods
Through online mode
First of all go to the website https://www.epfindia.gov.in/. Login with UAN and password allotted by the current employer.
– Now go to the Services section and click on For Employees. After this a new page will open. Here in Online Services click on One Member – One EPF Account (Transfer Request).
– Enter Member ID (which you want to merge) and UAN. Then click on Get OTP and enter the OTP sent to the registered mobile number. Verify it.
– After accepting the declaration, click on the Submit button. Its information will go to your current employer.
He will have to get the request approved online, after which EPFO will merge your old UAN with the new account.
in offline mode
– Form-13 has to be downloaded from EPFO website and filled.
– In this form, enter the UAN, Member ID, bank account number, IFSC code and address of the first PF account. Also enter the details of the second PF account.
– Get Form-13 signed and stamped by your current employer. Then submit it to the nearest EPFO office.
If you don’t have UAN…
If the old employer has not informed the employee about the UAN, then the employee will have to contact him. Along with this, EPFO will also have to be informed about this. EPFO can seek a reply from the old employer on this.
What to do if you forgot your old UAN
– First of all go to EPFO website https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
– Go to Important Links visible on the right side and click on Know your UAN.
– Enter your registered mobile number and captcha code and click on Request OTP. Now an OTP will come on your mobile number. After entering the OTP and captcha code, click on Validate OTP.
– Now enter your full name, date of birth, Aadhaar or PAN number and captcha code and click on Show My UAN. This will display the UAN number on the screen.
These are the problems
1. If you have two UAN numbers, the balance of all PF accounts is not visible at one place. Apart from this, there can be problems in withdrawing money from the PF account.
2. It can be difficult to transfer funds from the old account to the new account. This process can be long and complicated, which can leave your money stuck.
3. Correct record of service period is not maintained, which may affect pension benefits. According to the rules, correct record of service period is important in calculating pension.
What is UAN
In the new system, EPFO issues Universal Account Number (UAN) on the lines of PAN number. It is a 12-digit unique permanent number, which remains valid for the EPF member for life. It does not change with change of employment. On changing the job, only UAN details have to be given to the new employer, due to which a new PF account is not opened. The old account is transferred to the new employer. UAN number helps in automatic transfer of PF funds and withdrawal of money. Apart from this, by having an active valid UAN, employees can also avail the benefits of Employment Linked Incentive (ELI) scheme.
- Post Office’s Time Deposit Scheme Gives Bumper Returns, You Can Open an Account With ₹ 1000
- ITR filing: Keep these 7 dates in mind to file income tax returns…
- New Vande Bharat: Another Vande Bharat sleeper train will run in this state, know route
- TDS & TCS Rule: Big news for Taxpayers! Major changes in TDS and TCS rules going to happen from April 1
- IND vs NZ Final Live Score: Rachin Ravindra returns to the pavilion, Kuldeep dismisses him
