The Employees’ Provident Fund (EPF) was one of the first social security measures in India. For every employee working in an organisation that has more than 20 employees, EPF consists of an account for each employee that accumulates contributions both from the employee and the employer.
A contribution of 12% (of basic salary + DA) each from the employee and the employer are taken. While the full amount of the employee is put in the EPF account, only 3.67% from the employer is put in that account while the rest 8.33 (12%-3.67% = 8.33%) is put in an account from which the employee will be paid a monthly pension from the age of 58.
The UAN (Universal Account Number) is a unique identification number which is allotted to every member of EPFO. An employee has only one UAN and all EPF accounts are linked with this number. Therefore, the UAN is extremely significant for any employee.
EPF: How can UAN be generated
Whenever a person joins a firm that is registered under EPFO, he/she has to get a UAN. It can be generated in the following way: First, one has to login to the EPF employer portal with the help of username and password. Next, one has to click go to the “member” section and click “register individual”.
Once all the details pertaining to the individual are approved in the “approval” section, a new UAN is generated by the software. The employer can then link the PF account with the UAN of the relevant employee.
UAN activation
The employee has to first register/activate his/her UAN before using it for any service. One has to visit the EPFO member portal. He/she has to type in UAN/member ID and Aadhaar number, name, date of birth, mobile phone number. Then one has to click “get authorization PIN“.
Within seconds a PIN for authorisation will be sent to the mobile number. One has to type it in and then click “validate OTP and activate UAN”. The UAN will be activated. You would receive the password on your mobile. This UAN and password will be your tool to enter your EPF account.
The Employees’ Provident Fund is a social security scheme designed for retirement benefits of blue and white-collar employees alike. It offers a lumpsum as well as a monthly pension after retirement. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
