Why Every Employee needs to have a UAN Number?

In India, the employees working in the private and public sectors are eligible for the provident fund. Provident fund is a cumulative fund accumulated over the working life through the contributions of employees and employers into a dedicated corpus. It acts as a financial security measure for retired employees and can also be accessed by individuals when they are unemployed. Before 2014, all employees were provided with a provident fund membership by their employers that made them eligible for provident funds. However, every time an employee would begin work with a new employer, they would need a new membership.

In 2014, the central government of India set up the Universal Account Number ID that would function as a standardized provident fund membership throughout an employee’s working life and would be updated automatically on the Employee Provident Organization Portal (EPFO) online portal. Under this new identification scheme, employees do not have to seek new PF member IDs every time they shift between employers. 

Since the UAN ID carries the provident fund information of any given employee throughout their employed life, it is necessary to possess it. In contrast to the earlier PF member ID, a UAN is easy to acquire either through one’s employer or by online activation at the EPFO portal. Even in the case that you are not a retiree and are temporarily unemployed, the UAN ID can help you to access your provident fund with a single click. 

Benefits of Having a UAN ID

The UAN ID is a 12-digit number that you can use to access your provident fund details from anywhere with a mobile network and/or a decent internet connection. The UAN ID is a standardized and singular provident fund identification that is a collation of your provident fund accumulated throughout your employed life across various employers. Unlike the PF member ID, it not only allows you to access your PF details, but also enables easy withdrawals. The UAN ID also makes your PF-related information more accessible through SMS notification facilities that can keep you updated regarding PF transactions. Through the EPFO portal and mobile applications such as UMANG, it is also possible to modify and change your personal details whenever deemed necessary. 

The UAN ID offers the facility for linking multiple EPF member IDs across one’s employment history and transfers from one job to the next. As a result, your savings balance will keep increasing and this ultimately provides towards crucial financial assistance and security for your post-retirement or unemployed life. In the case of UAN IDs that are enabled by your Aadhar card, any employee who is by default a member of the Employee Provident Fund Organization in India, can submit his/her claims on the online EPFO portal. In case the UAN is linked with your Aadhar, PAN and bank account details, you can access your PF without the signature of your employer. 

Where can You get your UAN ID?

Today, you can acquire your UAN ID and complete your UAN registration through either of three possible ways:

  1. Current Employer – Like the PF member ID, you can get your UAN ID from your current employer. However, unlike the PF member ID, you do not need to get a new UAN every time you change your employer. The UAN ID is a standardized and lifetime PF identity that updates automatically.
  2. EPFO Online Portal – With little efforts, you can acquire your UAN ID through the EPFO (Employee Provident Fund Organization) portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface. Here, you only need to enter your basic personal information and identification details such as your PF member ID, PAN number or Aadhar Number to activate and access your UAN. Also, unlike the PF member ID, little paperwork is required to register and activate your UAN online. You only need to provide your bank details, proofs of identity such as driving license or voter ID card and address proofs such as utility bills, your passport or rent agreements, if applicable.
  3. Umang Mobile App – You can also activate your UAN through the Umang mobile application and access your PF account through it. You can also change your PF account details through the Umang application. 

Today, the UAN ID is critical for any employee who seeks to access their provident fund account during their post-retirement life. While the provident fund offers guaranteed financial security, you can also supplement your post-retirement funds by investing into a fixed deposit scheme such as those offered by Bajaj Finance.