What’s Meant By UAN? Benefits, Importance & Activation Process.
Are you wondering what a UAN member portal is and how it is linked with you if you are a salaried individual? You require having a UAN to access all the past and current provident fund accounts. Read on here to understand the importance of UAN, activation benefits, their benefits, and others.
UAN Number – What Is It?
UAN is a twelve-digit unique number offered to every employee contributing to EPF (employee provident fund). This is a unique number generated as well as assigned by the EPFO (employee provident fund organization). Ministry of Labour & Employment authenticates the UAN under directives of the Indian government.
This number stays the same for every employee across their life regardless of the times they change their organizations. Besides knowing what a UAN is, you must be aware of the numerous things, which can allow you to efficiently use the UAN.
What’s The Importance Of A UAN?
The full form of UAN is Universal Account Number.
- UAN is necessary for various reasons. These include –
- UAN is a unique number, which stays the same till your retirement of you as an employee.
- UAN is important to check your debits and credits in a provident fund account.
- Through the UAN, you as a salaried individual can withdraw as well as transfer the funds without depending on the employer.
- Online processing of the provident fund accounts assists employees to access your account freely.
- With UAN, you can track your monthly deposits. However, for this, you must have a registered EPFO account.
From the above-mentioned section, it is clear what UAN is and why it is required. Let’s now concentrate on its various benefits as well as its uses.
UAN – Benefits
Discussed here are the benefits of UAN. Read on.
Hassle-free and stress-free fund transfer
Earlier, a manual transfer from your old provident fund account to the new one was extremely time-consuming and filled with errors. Even the digital process introduction did not ease the process considerably.
However, post-UAN implementation, your previous employer can transfer the funds by submitting the KYC and UAN details to your current employer. Once the employer authenticates all the data, provident fund transactions from the old account to the new one can be done in a hassle-free and stress-free manner.
Minimal involvement of employer in a provident fund withdrawal
Before the introduction of UAN, provident fund withdrawal highly was dependent on the employers as the application was sent to the past employer for signature, and then it was sent to the EPFO.
However, in the scenario of the UAN, this type of dependency is reduced. The PF money from the previous account is automatically transferred to the current account once the authentication of KYC is done.
The streamlined transaction with the mobile notification
One of the benefits of the UAN number is it ensures streamlined transactions as well as additional security. As with every provident fund account activity i.e., monthly employer’s contribution and withdrawal are mostly received through SMS.
Additionally, you as an individual can check out your account balances via UAN. For this, you must download the provident fund passbook from the EPF site.
Employee pension scheme – benefits
Before UAN implementation, employees were supposed to withdraw from EPS (employee pension scheme), which impacted the retirement amount. However, with the UAN, both the EPF (employers provident fund) and EPS (employee pension scheme) account balances are transferred automatically to a new account. This enhances the retirement amount. Till now, discussed is a UAN number and its advantages. Now, read on to understand how you can generate the same.
How To Generate A UAN?
Now that you know what UAN means, its benefits, and its importance, you must ensure to be aware of the process of generating the same. Read on to understand the steps to generate a UAN number.
- Step no. 1 – Visit the EPFO login portal by using an establishment ID as well as a passcode.
- Step no. 2 – Next, go to the tab ‘member’ and hit on the ‘register individual’ option.
- Step no. 3 – Give the employer’s details like PAN, Aadhaar, bank details, and others.
- Step no. 4 – Hit on the button ‘approval’ after checking all your details.
- Step no. 5 – EPFO will generate a new UAN.
After the generation of a new UAN, new employers easily can link the PF (provident fund) account of the employees to the UAN.
What Are The Crucial Documents Required To Generate The UAN?
Mentioned here is a list of documents required for generating the UAN –
- Address proof – Current utility bill rental, ration card, lease agreement, etc.
- Identity proof – Passport, voter ID, driving license, etc.
- Aadhaar card
- Bank account information – IFSC, and account number
- PAN card
- ESIC card
How Can You Check The UAN Number?
You can check the UAN number information in distinct ways. These include –
Check the UAN through the portal –
- Step no. 1 – Visit the EPFO portal
- Step no. 2 – Next, hit on the option ‘know your UAN status’ from the links section. Once done, a new page will appear where you must provide the important details like name, mobile number, date of birth, EPF account details, etc.
- Step no. 3 – You will get an authorization PIN on your mobile number after submitting the details.
- Step no. 4 – Now, you must input your PIN.
- Step no. 5 – After inputting this, the UAN number is sent to your mobile number and email ID.
Check your UAN number using your mobile number
If you have a registered account with UAN, you can get all the complete details through a missed call. This procedure is straightforward. Read on to understand –
- Step no. 1 – Using your registered number, give a missed call at 011 – 22901406.
- Step no. 2 – This call will get disconnected automatically after 2 rings.
- Step no. 3 – Once you have placed the missed call successfully, you get a message on your phone containing all the provident fund details.
You must ensure to remember that this specific service is applicable to you if you have your UAN integrated with the KYC details.