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What Is UAN? Why Learn About It?

IndianMoney.com Research Team | Updated On Friday, May 11,2018, 07:17 PM

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What Is UAN? Why Learn About It?

 

 

 

The Universal Account Number (UAN) was launched by Prime Minister Narendra Modi, in October 2014. The UAN is a 12-digit identification number, provided to subscribers of the Employee Provident Fund (EPF). Subscribers to the EPF are allotted a UAN. Your employer could give you the UAN Number.

The main purpose behind introducing the UAN was to create a common reference for EPF account numbers. This is very useful if subscribers change their jobs. UAN was made mandatory in August 2015, for all the subscribers to the EPF. Employees should also provide details regarding bank accounts, PAN and Aadhaar, which would be seeded to their UAN. The UAN can be used to avail a number of services offered by the EPFO.

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What Is UAN? Why Learn About It?

 

1. What should an employee know about UAN?

 

UAN number allows portability of PF accounts from one employer to another. You can withdraw EPF balance even without the help of your employer. Subscribers can view all their EPF accounts with current and former employers, with the help of UAN number.

With UAN number, you can also initiate the process of closing old EPF accounts and transfer the balances accrued. The UAN number, which is allotted by an employer, needs to be activated as soon as it is allotted.

There is also another way to get the UAN which can be done by logging on to the EPFO portal, where you (employee) must click on the tab ‘Know Your UAN status’ and fill up the details.

 

2. Benefits you get from UAN?

 

Subscribers can merge up to 10 PF accounts in one shot using the UAN, but he will have to first seed the Aadhaar to the UAN.

 

  • Auto-transfer process of PF accounts linked to UAN can also be carried out by subscribers.
  • The subscribers can also check PF balance; make necessary transfers or a contribution/withdrawal using the UAN.
  • A notification message will be received, once your details are seeded with UAN, whenever a contribution or withdrawal is made.
  • You can apply for online PF Transfer.

 

3. What are the salient features of UAN?

 

  • The most attractive feature of the UAN is to maintain all employee data and simultaneously reduce the need for EPFO control, required for the employee verification purpose.
  • KYC and your bank account details are required to activate the UAN, so that your (employee) data is verified and the UAN is created.

 

SEE ALSO: 5 EPFO Initiatives Every Member and Pensioner Should Know

 

4. What are the Advantages Of Using UAN Number?

 

  • No role of employers in PF withdrawal.
  • EPF Account management can be done easily with the help of SMS alerts.
  • EPF transfer and withdrawal can be done easily if you have the UAN number. This is great if you change jobs.
  • A direct communication between EPFO and employees can be done with the help of UAN.
  • UAN which is activated, allows employees to add and edit nominees to their EPF account.

 

 

5. How to register for the UAN?

 

  • Subscribers must first log on to the EPFO website and click on the option “Know Your UAN Status”. PAN or Aadhaar details will then be entered and must be submitted to get an authorization PIN.
  • An OTP will be sent to the mobile number which you have mentioned in the form and then you enter the PIN in the space provided. Now, UAN and the status of the UAN will be sent to your mobile number.
  • Some important documents are required like Bank Account details, Passport, Aadhaar, PAN, Ration card, Driver’s license and ESIC card.   Be Wise, Get Rich. 

 

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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