UAN benefits and features that you need to know as an employee.
As a salaried individual, it is imperative that you know the structure of your salary. The Employee Provident Fund (EPF) is a critical aspect of your salary structure. Your EPF is a long-term saving plan, which comprises your and your employer’s contribution. Like your bank account number, your EPF account, too, comes with an account number. Let us understand what is UAN number and its benefits in this article.
The Universal Account Number (UAN) is an identifier that the Ministry of Labour and Employment assigns to you and your employer to contribute to an Employee Provident Fund (EPF). The Employee’s Provident Fund Organization (EPFO) allots this 12-digit identification number. In 2014, the government made UAN issuance mandatory to create a single platform to access all Provident Fund (PF) accounts conveniently.
The EPFO issues two separate UANs to you and your employer. Regardless of the number of times you change your job, your UAN remains unchanged throughout your employment years. Similarly, the employer’s UAN number stays constant throughout the business years of the company. If you change jobs, the EPFO issues a new member ID which gets linked to your existing UAN. You must intimate the EPFO or the new employer and raise a request for the new PF number member ID to be linked to your UAN.
Upon starting a new job, the employer will ask you to submit your bank details, ID and address proof, date of birth, mobile number, email ID, etc., to generate a UAN. The UAN is usually printed on your salary slip.
You can also visit the UAN portal and click on ‘Know Your UAN Status’. Fill in the relevant details and click on ‘Get Authorization’. You will receive a one-time password on your Registered Mobile Number. After you enter the OTP, you will receive your UAN via SMS.
As long as you are an employee, the Universal Account Number will not change regardless of the number of times you change jobs and employers. With UAN, you can conveniently manage your PF Account with no interference from our employer and steadily grow your corpus from the mandatory monthly contributions.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.