The Benefits Of PF Portable Account Along With Universal Account Number (UAN)
It is a necessity for every organization to present the employees with the PF account. Each time someone changes their job, they have to change the PF account number. Now, this is a daunting task and involves lots of paperwork. Thus, to ease the hassle a new format of Universal Account Number or UAN will be launched this year. With the help of UAN, there will be no need for the employees to initiate a new account each time they change their job. Now, they will be able to manage the funds under a single account. This format is developed following the core banking pattern.
Knowing in details
This portable feature of the PF account will give rise to smooth money transfer for the employees. There is a new website launched for this purpose. The process is digitalized to help the employees with easy operation process. The account holders can easily apply and view their status with the help of the website. Furthermore, they can also update their details after joining a new job. This initiative is taken by Retirement Fund Body Employees Provident Fund Organization or EPFO. This facility will be available for about 4 Crore account holders of this organization. This account numbers will be valid for the entire active employment life for a person.
The allocation of the number
The UNA will be given once to the employee in the entire employment career. While changing the jobs, the account holders will not be provided with a new number. They will be given a member Identification number. The ID will be linked directly with their UAN number. The employees can present the new ID number to the organization upon joining. However, in case the member ID is not available, then they can visit the official website to create new ID. They can also take the help of the HR department of the new organization to get the ID. It will prove to be extremely helpful for the employees while changing jobs.
The process of checking status
In this new process, the UAN numbers are provided directly to the employers. You can get your account number from your present organization of employment. However, if they are unable to present you with the status of account, then you can take the help of the official website. The process of checking the status for the UAN is hassle-free and easy. To know the account status, the employees have to present their PF number of the present working organization. They will have to present establishment code. The number will be shown to you if it is generated or else required message will be given.
Exploring the details
The progress of EPRO is taking place at a rapid rate. It has already captured the details of the account for about 1.80 Crore employees. Within few months, the entire system will be operational for its complete employee strength. The basic information each employee needs to submit are the documents for PAN, Aadhar and KYC. The entire data will be uploaded in the official website.