The Universal Account Number (UAN) system introduced by the Employees’ Provident Fund Organisation (EPFO) is a boon to employees who often change jobs for seamless transfer of funds as the account remains the same, Central PF Commissioner K.K. Jalan has said. He was interacting with employers and employees of various establishments, including the EPFO, at a meeting here on Friday. He said that the UAN system would also usher in changes and make the task easier for the employers, employees, and also the EPFO.
The UAN concept was introduced last year and employers would have to electronically feed the data regarding the employees by August 25 to facilitate the introduction of UAN.
UAN would facilitate easy withdrawal of PF amount by the employees online, without the mediation of the employer, and the chances of fraud could be ruled out. The employers should also complete Aadhaar-card seeding and bank account seeding, wherever possible, with the UAN. While admitting it was an additional work for the employers, Mr. Jalan said that the government would reimburse 10 per cent of the administrative charges if they complete 80 per cent of the work by August 25. He said nearly Rs.30,000 crore was lying idle in inoperative accounts as the EPFO did not have the details.
