What really does having a UAN entail? Well, much has been said about the UAN. Well, the word UAN comes about in most discussions involving the employee providence fund (EPF). Ideally, the UAN number has transformed how the EPF works in many ways. First, it has made EPF login convenient and improved the way one looks at their EPF balance. Moreover, it has also simplified the process of doing EPF transfers. You might have had something about EPF UAN. Nevertheless, it is a also good idea to learn more about it.
What is UAN?
UAN is an acronym of the universal account number. This number is given to all employees affiliated to the EPF scheme. Every member has a unique number that does not change. As such, employees making job switches use it in the new places of employment provided they are part of EPF. As such, someone with multiple EPF accounts can manage or bring all their accounts together using the UAN number.
Need for UAN
A good number of employees have suffered before without the UAN. Without this number, employees found it hard doing EPF transfers or withdrawals. For a fact, the EPF scheme is made to make the lives of employees better. However, the hassles that come about when doing transfers, withdrawals, and balance checks are against the idea of having the EPF account. With the UAN, everything about your EPF account is easy and straightforward.
Benefits of having a UAN number
The UAN offers comes with many benefits to employees. First, it minimizes the chances of having errors in your personal account. With EPF, withdrawals are now easy since you no longer have to engage the employer during the withdrawal process provided you have paired your account with Aadhaar. With this number, it is also very easy to know the status of your account.
Activating the UAN
As much as any EPF member automatically gets and EPF number, allotment of this number does not guarantee you all the benefits. As such, you need to activate the UAN first. Activation should not be a major point of concern. It can be done online, using an SMS or some mobile platforms dedicated for this service.
The UAN portal is created to provide you with EPF services online. For instance, you can get the EPF passbook and use it to apply for transfers and withdrawals. You can also interlink all you EPF accounts here after you are logged into your account using the portal.