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Imagine a world where managing your retirement savings is as easy as checking your email. Welcome to the world of the Universal Account Number (UAN), a game-changer for individuals. This unique 12-digit number is your golden ticket to the hassle-free management of your Employee Provident Fund (EPF). Curious? How can UAN change your financial future? Let’s find out.
What is the UAN number?
The Universal Account Number is the full form of UAN. The Employee Provident Fund (EPF) in India assigns a unique 12-digit UAN number to every member. The UAN has simplified the process by which workers can access and manage their EPF funds. The UAN is a key player in the financial planning of millions of Indian workers. It is a simple 12 digit number that can have a massive role!
The purpose of UAN
The UAN acts as a unifying link for the various Member IDs assigned to an individual member. The UAN is thus static and unaffected by the total number of jobs a person holds throughout their working life.
For employees, the benefits are manifold:
Ease of EPF account management: With a single UAN, employees can manage their EPF accounts easily.
Online services: Once the UAN is activated, employees can access various online services offered by the EPFO.
Transfer and withdrawal of EPF: The UAN facilitates easy transfer and withdrawal of EPF.
Employers too find the UAN beneficial:
Ease of employee verification: The UAN makes it easy for employers to verify the EPF details of their employees.
Simplified EPF processes: With the UAN, the processes related to EPF have been simplified, saving time and resources for employers.
Financial planning with UAN
Building a retirement corpus
Every month, a certain portion of an employee’s salary is directed towards the Employee Provident Fund (EPF). The employer matches this amount, creating a large fund over time. The UAN, being a unique identifier for each member, ensures that these contributions are accurately tracked and recorded, regardless of job changes or multiple employers.
Accessing EPF services
The UAN is not just a number, but a gateway to a host of EPF services. Employees can access their EPF account online once the UAN is activated. When changing jobs, they can check their EPF balance, download their UAN card, update their KYC, and transfer their EPF balance.
Moreover, in financial emergencies, employees can withdraw from their EPF corpus. The UAN simplifies this process, making it possible to submit withdrawal or loan requests online.
UAN generation
When an individual starts their career in the organised sector in India, their employer generates a UAN if the organisation has more than 20 employees. This UAN is fixed for the duration of a person’s career, regardless of how many jobs they have. When switching jobs, it is crucial to provide the new employer with the existing UAN to ensure continuity and proper management of the EPF account.
Understanding the UAN number format
Members of the Employee Provident Fund (EPF) in India are each assigned a 12-digit identifier called the Universal Account Number (UAN). Its format, XXXX-XXXX-XXXX, ensures easy recognition and error-free data entry. This unique structure aids in efficient EPF account management across different employments, promoting a seamless experience.
UAN activation process
Activating your UAN is a simple yet crucial step. This is the way it can be done:
- Acess the UAN portal through the EPFO website.
- In the “Important Links” area, find “Activate UAN” and click on it.
- Give your name, UAN, and cell phone number.
- Select ‘Get Authorisation Pin’.
- You will receive an OTP on your registered mobile number. To activate your UAN, enter the OTP and then click the “Validate OTP” button.
- After activation, your UAN and password will grant you access to the portal.
Activating your UAN allows you to avail yourself of various online services related to EPF, such as checking your EPF balance, updating your KYC details, and transferring your EPF balance when switching jobs. It is a little action that can have a huge impact in ensuring a secure financial future.
How to find the UAN number
If you have misplaced your UAN, do not worry. It can be located in this way:
- Head over to the official EPFO website.
- Under the “Important Links” section, you should see an option to “Know your UAN Status.” Click on that.
- Put in your Aadhaar number or Member ID (it is on your pay slip).
- Select ‘ Get Authorisation Pin’.
- Your registered mobile number will be contacted with an OTP. Select “Validate OTP and get UAN” after entering the OTP.
- Please check your registered mobile number for the UAN, it will be sent there.
Bottomline
Getting a handle on the intricacies of the UAN requires more than just familiarity with a 12-digit number. It is all about mastering the ins and outs of the financial world, making sure you have enough money for retirement, and taking charge of your financial future. With UAN, every investor has access to a robust tool that streamlines and improves their investment process. Keep in mind that in the world of finance, knowledge is both powerful and profitable.
FAQs
The Universal Account Number (UAN) is a unique 12-digit number assigned to every member of the Employee Provident Fund (EPF) in India. It links multiple Member Identification Numbers (Member Id) allotted to an individual by different establishments, simplifying the management of EPF accounts.
You can find your UAN on your salary slip or EPF passbook. Alternatively, you can retrieve it online on the EPFO portal using your registered mobile number and other personal details. Once logged in, your UAN is displayed on the dashboard.
No, UAN and Aadhaar are not the same. UAN is a 12-digit number assigned to each member of the Employee Provident Fund (EPF) in India, facilitating the management of EPF accounts. On the other hand, Aadhaar is a unique 12-digit identification number issued to all Indian residents by the UIDAI.
You can activate your UAN quickly and easily through the EPFO portal. Your UAN is immediately activated after you input your details and verify them with an OTP. Nevertheless, it might take approximately six hours before you are able to view your PF balance.
Linking your Aadhaar to your PF account has been made mandatory. To link UAN to Aadhaar, visit the EPFO’s e-KYC Portal. Enter UAN and an OTP will be sent to your registered mobile number. Post verification, select ‘Aadhaar’ and enter Aadhaar number. Another OTP will be sent to your Aadhaar-linked mobile number for final verification.
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