Earlier, salaried employees had to maintain a physical record of the transactions related to their EPF account. This manual task led to many errors and discrepancies. However, thanks to the introduction of the Universal Account Number (UAN), the Employees’ Provident Fund has now become easily accessible for employees. It is a convenient and time-efficient method to manage your PF savings across several years of your employment.
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Employees can now easily access, withdraw, transfer funds, and avail many other EPF services via the UAN portal. Hence, it is important for employees to know what is UAN, how it works, and its various beneficial factors. Let’s discuss them in detail during the course of this article.
What is the Universal Account Number (UAN)?
The Universal Account Number (UAN) is a unique 12-digit number that is assigned to every employee who is a member of the Employees’ Provident Fund Organization. It is issued by the Ministry of Labour and Employment for every Provident Fund account. With the help of this unique identification number, employees can manage all transactions and information related to their PF account online.
Once UAN is generated for an employee, it will stay constant throughout the employee’s career, irrespective of the number of times he/she decides to switch jobs. With your UAN conveniently linked to your EPF account, seamlessly transfer your PF account to your new employer whenever you change jobs. This streamlined process simplifies tracking and managing your PF contributions and withdrawals online.
Why is UAN Important?
The UAN is an important piece of information for both employees and employers. Here’s why:
The UAN portal facilitates and provides online EPF services, making it easy for employees to access the PF account and track contributions and withdrawals.