The concept of a Universal Account Number (UAN) was introduced by the Employee Provident Fund Organisation (EPFO) to make the process of accessing and managing Provident Fund (PF) accounts easier for employees. This unique 12 digit number, assigned to each employee, is used to access, withdraw and transfer PF amounts across companies and throughout their working life. This article will guide you on how to generate your UAN number without hassle.
Previously, managing the PF accounts of work transitions was a troubling task. The implementation of the UAN system, however, changed the face of PF management. It brought a shift from the previously used multiple-member identification numbers to a single number which stays constant throughout an employee’s career, irrespective of their job or location changes.
How To Generate Uan Number
Nevertheless, before proceeding, it is crucial to know how to generate UAN number. The UAN number is usually provided by the employer. However, in case the employer doesn’t provide you with it, or you wish to know your UAN status, here is the procedure to generate the UAN yourself.
STEP 1: Go to the UAN portal, i.e., the EPFO website.
STEP 2: Click on the tab “Know Your UAN Status” on the lower right corner of the webpage.
STEP 3: Here, you will find options like ‘AADHAAR’, ‘PAN’, or ‘Member ID’. You can choose any one of these to enter your details.
STEP 4: After filling in the details, click on the ‘Get Authorization PIN’ button. You will receive an OTP on the registered mobile number.
STEP 5: Enter the OTP received on your mobile and click on ‘Validate OTP and get UAN’ button.
STEP 6: The UAN number will be sent to the appropriate mobile number.
It’s that simple and hassle-free.
UAN Portal
Employers use the UAN portal for uploading employee details, verifying and approving the Know Your Customer (KYC) documentation, and for monthly EPF return filing. Meta-data for the employee, such as the date of joining, leaving, the reason for leaving, KYC status, etc. are uploaded by the employers on this portal.
An important note to remember is that the EPFO can penalize employers with a hefty fine in case of inaccuracy or negligence in uploading and updating data. Computations show, for example, that if the employer contributes Rs. 15,000 (the statutory wage ceiling) to an employee’s account instead of Rs. 20,000 (actual wage), this could result in a fine of Rs. 6,000 or more under The Employees’ Provident Fund and Miscellaneous Provisions Act of 1952.
Estimating the huge relief and convenience UAN provides, it is wise to generate it and then link it with your respective PF account. The UAN portal also provides additional benefits like UAN card download, passbook download, and PF claim status.
Most importantly, the advantages and conveniences mentioned need to be paired with prudence. It is advisable to understand all aspects of the financial market before deciding to participate in it. Remember, it is wise to do your due diligence and consider various factors since the investment and financial markets are inherently associated with certain risks and uncertainties.
SUMMARY:
Navigating through one’s Provident Fund (PF) account has been made easier by the Employee Provident Fund Organisation (EPFO) through the introduction of Universal Account Number (UAN). It is a unique 12-digit number assigned to each employee, offering them the autonomy to manage their PF accounts without transitional hassles. However, understanding how to generate a UAN number is essential, which is often provided by the employer. But if the need arises to initiate it oneself, it can be efficiently done through the UAN portal. The entire process is simplistic and involves verifying your identity through AADHAAR, PAN, or Member ID, validating through an OTP, and finally getting the UAN number. While the UAN offers convenience, remember the understanding and calculated participation in the financial market is crucial for avoiding potential pitfalls or risks.
