The Universal Account Number or UAN portal is a unique platform designed by the Employees’ Provident Fund Organization (EPFO) to assist EPF (Employee Provident Fund) members to perform various tasks associated with their provident fund accounts. One such feature is the ability to manage multiple EPF accounts under one UAN. This article will guide you through the steps to use the UAN portal effectively to administer multiple EPF accounts.
What is UAN?
UAN, or Universal Account Number, is a unique identification number assigned to employees in India for managing their Provident Fund (PF) accounts. It is issued by the Employees’ Provident Fund Organisation (EPFO) and is designed to consolidate multiple PF accounts under a single umbrella. This means that employees who change jobs can link their new PF account to their existing UAN, making it easier to manage their provident fund contributions across different employers.
One of the key benefits of UAN is the ease it provides in tracking and transferring PF balances. Earlier, employees had to manually transfer their PF when they switched jobs, which was often time-consuming. With UAN, this process is now automatic and streamlined. Additionally, employees can use the UAN portal to check their PF balance, update personal details, and even apply for withdrawals.
For employers, UAN simplifies the process of depositing provident fund contributions, as they only need to link the contributions to the employee’s UAN, regardless of job changes. The introduction of UAN has greatly improved transparency, making it easier for both employees and employers to manage provident fund accounts efficiently.
Obtain Your UAN Number
The first step in this process is to obtain your UAN number. This is a 12-digit number issued by the EPFO, unique to every member. Without your UAN, one cannot perform any tasks related to their EPF account. You can easily get your UAN from your employer if you don’t have it already.
Once you have the UAN, register it on the UAN portal. Visit the EPFO website and click on ‘Our Services’ to navigate to the Employees’ section. Here, find and click on the ‘Member UAN/Online services’. Now, you will be redirected to the UAN portal where you can register your UAN and create a password.
After this, proceed to the ‘Manage’ section and select ‘KYC’ from the dropdown menu. Here, you can upload the necessary documents such as PAN, Aadhar, and bank details. It’s important to note that only after the employer verifies these details, can one access all the features of the UAN portal.
Once you are verified, you can manage multiple EPF accounts. For this, navigate to the ‘Services’ section and select ‘One Member – One EPF Account’ option. On this page, you can enter details of your other PF accounts and request a merger under your current UAN. Usually, it takes 3 days to merge two accounts, but it can go up to a week.
How To Check Epf Balance
But how to check EPF balance across all these accounts? This can also be done through UAN portal. For checking your EPF balance, navigate to the ‘View’ tab and select ‘Passbook’. Here you can see detailed statements of your EPF contributions, including your employer’s shares and interest accrued. The balance reflected here is the sum of all EPF accounts linked with your UAN.
Please note, you will have separate
passbooks for each EPF account, and each of these passbooks will show the contributions separately.
Managing multiple EPF accounts via the UAN portal can be a boon for employees, especially those who switch jobs frequently. The platform not only provides a convenient way to manage accounts but also reduces the risk of losing track of old PF accounts and the money in them. Just remember, consolidating accounts does not mean you are transferring funds from one account to another, it just brings all your previous accounts under one umbrella for ease of management.
Regardless of the benefits, please consider the following disclaimer: The act of merging EPF accounts and usage of the UAN portal must be performed considering one’s financial circumstances and after exploring all its benefits and limitations. The investor should take into account all the pros and cons of operating in the Indian financial market before making a move.
Summary:
Managing Multiple EPF Accounts via the UAN Portal simplifies the process of keeping an eye on your retirement savings accumulated through different employers. The availability of all accounts under one umbrella brings transparency, and the ability to check EPF balance across all PF accounts is made much simpler. It is essential, however, that an investor is aware of the financial implications and complexities this might introduce. Therefore, it is always recommended that all decisions related to financial investment and transactions should be taken after considering all the pros and cons of operating in the Indian financial market.
