The UAN which has been introduced by the EPFO has made all processes related to the EPF hassle-free. It has even reduced the amount of errors in such processes. Now by using their 12-digit UAN, EPF members can use it as an umbrella to link all their PF accounts. Listed below are some of the benefits of the UAN.
Benefits of UAN
- You can make transfers from one PF account to another
- Check their contributions and their employer’s contributions
- Make withdrawals without the attestation of their employer
Requirements to make transfers and withdrawals without the attestation of the employer
Prior to the introduction of the UAN to the EPF, it was mandatory for employees to have their employers approve of their transfer and withdrawal claims. With a large number of employees facing difficulty with regard to this, the EPFO has done away with the process of getting the approval - through the digital signature of the employer - for transfers and withdrawals. Now, just by linking an employee’s UAN with his/her Aadhaar card, the employee no longer needs the approval of their employer to make a transfer or withdrawal.
Recents Amendments to the UAN restrictions
Recently, stating that they want to reduce errors involved in PF settlements, the EPFO made it mandatory for all PF members to submit their UAN along with the claim form when they apply for PF settlements. Since the UAN was only introduced in 2014, this restriction made it difficult for employees who have retired or have completely stopped working before Jan 2014 to claim their PF settlement. On realizing their mistake, the EPFO has now made amends to the restriction.
- Now, employees who have stopped working or have retired before Jan 1, 2014, do not need to submit their UAN along with the claim form for their PF settlement.
- That said, for those who have quit working after Jan 1, 2014, yet still do not have a UAN, depending on the EPFO officer-in-charge’s decision, their PF settlement claim form may be accepted.
This decision has come as a sigh of relief for many EPF members who were inconvenienced, as before the EPFO relaxed the restriction, many of their claims for PF settlement were rejected.