EPFO Gives Gift, Employees Will be Able to Generate UAN on Their Own

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EPFO Gives Gift

EPFO Gives Gift: Now organized sector employees can also go to the EPFO ​​portal and generate their own Universal Account Number (UAN). Retirement fund handling agency EPFO ​​introduced the facility on Friday. Thus, employees will not have to depend on their employer ie company for UAN.

Now Companies Generate UAN

In the current system, an employee has to apply for a UAN through his employer, leaving him with the hassle of claiming a PF transfer while changing jobs. The employee’s UAN remains the same throughout life.

Now an employee can directly get the UAN by visiting the EPFO ​​website, which leads to his registration for PF, pension and life insurance benefits. Also, the employee will not have to depend on his employer for UAN.

PPO Can be Downloaded on DigiLocker

Apart from this, the Employees Provident Fund Organization (EPFO) also introduced the facility of downloading pension-related documents like Pension Payment Order (PPO) on DigiLocker for its 65 lakh pensioners. The EPFO ​​has integrated the DigiLocker of the National e-Governance Division (NeGD) to create an electronic PPO depository, which can be availed by pensioners.

This is a step taken by the EPFO ​​towards a paperless system. Labor Minister Santosh Gangwar introduced these two facilities during the 67th Foundation Day celebrations.

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2 COMMENTS

  1. Over 15 lakh employees, who work both in the public and private sector, have invested thousands of crores in IL FS bonds. The government has classified IL FS according to their financial position as red, amber, and green, under the resolution plan. Red category is for those entities that will not be able to meet their payment obligation, amber category entities will only be able to meet operational payment commitments to senior secured financial creditors, while green category entities will be able to meet their financial commitments. IL FS had informed the NCLAT at the hearing on 19 March, that out of the 169 companies, 80, 13, and 50 have been classified as red, amber, and green, respectively. The 13 amber companies have a total debt of Rs.16,373 crore that is currently outstanding. According to the recent ruling by the Supreme Court of India, special allowances will be made a part of basic salary when computing provident fund (PF). This decision will affect the take-home salary in the immediate but will result in a higher retirement fund upon leaving the workforce.

  2. With the introduction of the UAN, the processes with regard to PF accounts have become far more relaxed. Now, all you have to do is to declare your UAN with your present employer. The UAN will link all your accounts and it will be maintained as a single UAN account Through a mobile app called UMANG, members of retirement fund body, EPFO will be able to carry out EPF withdrawal and other such activities. The Employees’ Provident Fund Organisation (EPFO) has more than four crore members and have introduced this app to help them out. Bandaru Dattatreya, Labour Minister, stated in a written reply to Lok Sabha that they are developing online claims settlement process by receiving applications online. He further stated that they will integrate this through Unified Mobile App for new-age governance, (UMANG). EPFO receives over 1 crore applications regarding EPF withdrawals, pension fixations, and other such requests to settle manually.

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