EPFO: Have 2 or multiple UANs? Know how to merge them for provident fund (PF) purpose
Provident fund is probably one of the best and reliable investment options for the long term for any employee.
Provident fund is probably one of the best and reliable investment options for the long term for any employee. This government-managed retirement savings scheme allows employees to contribute a part of their savings each month towards their pension fund.
The amount can be accessed by the employees as a lump sum at the time of their retirement or after the period of employment. To make the process of managing your PF account easier, the Employees’ Provident Fund Organisation (EPFO) had introduced the Universal Account Number (UAN).
See Zee Business Live TV Streaming Below:
This number is generated from the EPFO website and acts as an umbrella for multiple member IDs allotted to an individual by different establishments. However, sometimes many of us end up having two or multiple UANs. This can happen due to several reasons like a change of jobs, or if you have forgotten your previous UAN.
UAN stands for Universal Account Number to be allotted by the Employees’ Provident Fund Organisation (EPFO). The UAN acts as an umbrella for the multiple Member Ids allotted to an individual by different establishments. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. This will help the member to view details of all the Member Identification Numbers (Member Id) linked to it.
If a member is already allotted Universal Account Number (UAN) then he/ she is required to provide the same on joining new establishment to enable the employer to in-turn mark the new allotted Member Identification Number (Member Id) to the already allotted Universal Identification Number (UAN).
How To Merge UANs
Log in to UAN portal unifiedportal-mem.epfindia.gov.in
Request to transfer the EPF accounts linked with the previous UAN to the new one
After the UAN accounts are transferred, the previous UAN will be disabled
Deactivation status through text message will be conveyed
If the new UAN is not activated then first complete the transfer of old EPF accounts to the new UAN
Sometimes, the previous employer is likely to deposit PF arrears. If the previous EPF accounts are linked with the new UAN, then the arrears will be reflected in the new UAN
Also before this transfer thing, make sure that your KYC is updated
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
From 19,000 Monthly SIP to Rs 13 cr Retirement Corpus: How many years will it take to reach this target; by what age can one achieve this goal
Power of Compounding: Rule of 114; how much return you will get on Rs 2 lakh investment in 2, 5 and 8 years? See calculations
'Diwali Offer' Stocks by Anil Singhvi: These 2 largecap, 1 smallcap scrips can give up to 70% return - Check targets
06:53 PM IST