How did the PAN become the center of all of your finances? How did the Aadhaar card become the middle of all of your Indian citizenship proof? There are more than just a handful of things in the modern day that bring us together when it comes to the pinnacle of the digital era. You may be wondering why we are talking about all of this, and here is why – this is because we are here to talk about the UAN or, should we say – Universal Account Number. You read that right, and it is a Universal account number.
What is the Universal Account Number?
The 12-digit Universal Account Number (UAN) is a special identification number. The Employees’ Provident Fund Organization assigned this number (EPFO). This number is given to both the employer and the employee (one each), enabling them to make contributions to the EPF account. Employee Provident Fund (EPF) is identified and kept secure by its UAN number.
Therefore, even if multiple PF accounts are opened for you by various employers, they will all be associated with a single UAN number.
- After a Universal Account Number is created for an employee, it does not change during his or her time working for the company.
- Even if an employee changes jobs throughout their career, their Universal Account Number remains the same.
- For the company, the UAN stays the same for the duration that the company is in operation.
However, the EPFO will issue you a new identification number (ID) after you change jobs, which you must link to your current UAN (EPF account). When doing so, you must notify the firm and either complete the necessary steps on the EPFO portal independently or ask your employer to do so on your behalf.
Do not keep asking yourself – what is UAN number? This is everything you have to know. After the base of the definition, let’s get going a little deeper into the topic, shall we?
Why Do You Need the UAN?
Why do you even need a UAN? Here is why!
The following list highlights the UAN’s numerous attributes and advantages.
- The hassle-free method of employee EPF withdrawals and transfers is the UAN’s standout feature.
- The UAN makes it simple to find out information about how many organizations the person has joined as well as their length of work.
- The EPFO can easily access the employee’s bank information and fundamental Know Your Customer (KYC) information.
- The EPFO’s UAN service has also made it possible for there to be a general decline in EPF withdrawals.
- The EPFO members can easily transfer their PD balance from their previous employment to the present one, thanks to the consolidated UAN.
- The employees can also monitor the number of contributions made by their employer to their PF accounts and can express concerns or questions about the company’s failure to make contributions.
- The rapid and simple transfer of the EPF balance from the former job or member ID to the new employment or member ID is another important characteristic of the UAN.
- The EPFO members can now simply download the EPF statement on the EPFO website or portal or via the accessible SMS service, thanks to the use of UAN.
- When an employer has easy access to an employee’s KYC information, it makes it possible for them to quickly verify the information when the individual first begins working for them.
Haven’t you activated your UAN yet? Don’t worry; we have got you covered.
How to Activate your UAN in a Jiff
You would be just a few steps away from getting this done. The EPFO site makes it simple for members to activate their UANs and gain access to all the perks that come with an employee’s UAN. The process for activating the member’s UAN is described as follows and can be completed by following the steps listed below.
Step 1: Click on “Our Services” on the EPFO website or portal. Click on “Member UAN /Online Services (OCS/OCTP)” under the services area for employees. After providing the required information, click “Get Authorization PIN” to activate UAN.
Step 2: The members will receive an OTP on their registered mobile number once the aforementioned procedure has been completed successfully.
Step 3: After entering the OTP in the required field, the member must click “Validate OTP and Activate UAN” and review the disclaimer that appears in the dialogue box.
The employee or member will receive their UAN and Password on their registered cellphone number following the aforementioned processes, which they can use to access the EPFO portal.
A Few Things that You Should Never Overlook
- The employee’s Aadhaar card, PAN card number, and bank information are among the KYC documents that must be supplied in accordance with KYC regulations.
- By submitting their EPF claims directly to the EPFO, members with Aadhaar-linked UANs can make quick use of their EPF benefits and do away with the requirement to go to their employers for attestation of their claims.
- All UAN-based member services may be applied online through the EPFO.
- All members who have made at least one contribution to the PF fund in January 2014 or later are given UAN by the EPFO. Members who did not make any contributions during that time period and do not already have a UAN may ask the EPFO to assign them one.
- A member’s active registered cellphone number is required for the Universal Account Number activation and future use. If necessary, these cellphone numbers can later be altered.
There are quite a lot of attributes that you could get done through your UAN number, for which you need to activate it right now. But, also remember to keep your KYC documents handy even before you get started with the procedure.
It is essential you know and stays updated on every benefit and financial aid you get – one such is staying intact with your UAN and EPF. So, do not miss out.