Merge 10 Old EPF (UAN) accounts at one go with this new service
Employee Provident Fund (EPF) department, under central government regulations, has announced the launch of a new facility for employees seeking funds at the time of retirement. The central government aims that the new launched service will offer benefits to over 4.5 crore beneficiaries who are registered members of EPF.
Under the new implementation, the central government has offered employees with an opportunity where they can merge more than one provident fund account in a single UAN (Universal Account Number).
- The new scheme has been announced by the central government to be implemented by EPFO department.
- To make the launch more effective the central government has also provided with the new web portal service for employees.
According to the central government regulations, all registered members who are registered with the central government EPF schemes are the eligible beneficiary to take benefit under this new scheme.
- Making use of the new facility beneficiaries will be provided with a facility to link multiple EPF accounts under single window for convenience of operating.
- Each beneficiary will be able to join and link ten different EPF accounts into one integrated account that is easy to access.
- According to the earlier regulations, the employees had to make separate claims for each of their provident fund accounts. With the new services they can simply make the claim online using the web portal services and their UAN account.
- To make use of the web portal service, the employees have to log on to the UAN portal and then request for UAN account activation. This facility is already linked with employee’s bank account details.
- At the time of providing the Biometric information via PAN and Aadhar card links the beneficiaries have already registered with their UAN number code with their bank details.
- It is also possible for any employee to register for activating UAN code even if he or she has not provided with details of their UAN for linking their bank account.
- The new service launched is expected to ease the process of maintaining EPF details and account for both employee and department.
- The central government has also regulated over 120 different departmental EPFO offices country wide. This is done with an aim so that all multiple EPF accounts could be linked under single account at the earliest.
- It is also expected that each employee will have to submit details of mobile number, along with UAN and member ID details when registering.
- Once all credentials have been verified by the department, the employees will be able to take full benefit of consolidated account.
According to the sources the central government has taken the initiative of offering the employees with convenience of handling single EPF account instead of multiple accounts. At the same time the department can also ensure that each employee only maintains a single EPF account.