UAN Activation: Key Benefits and Features

The era of digitalisation is truly upon us and has permeated several aspects of our lives, including our approach towards financial services. To facilitate ease in managing retirement funds, the Employees’ Provident Fund Organization (EPFO) has digitalised its services, primarily through the Universal Account Number or UAN. By activating UAN, employees can manage their EPF accounts, carry out pf balance check and perform numerous other functions conveniently and efficiently.

The UAN is a unique, 12-digit number issued by the EPFO to salaried individuals. Once activated, this UAN serves as an umbrella linking multiple Member Identification Numbers (Member IDs) allocated to an individual by different employers. Its primary goal is to aid the management of the EPF accounts and encourage employees to save towards their retirement.

How to Activate UAN?

The process to activate UAN is simple and user-friendly. To uan activate, visit the EPFO website and click on “UAN Member e-Sewa”. Under ‘Important Links’, select ‘Activate UAN’. Fill in your UAN, name, date of birth, mobile number, and captcha. After verifying the account, set your password. Remember, upon successful activation, the UAN remains valid throughout an individual’s lifetime.

Key Benefits and Features of UAN activation:

1. Facilitates Multiple Services: UAN is an all-in-one platform that allows you to perform various functions such as withdrawal of PF, transfer of PF from old to a new account, pf balance check, and checking the status of claims.

2. Simplified PF transfer and withdrawal process: Prior to UAN, transferring and withdrawing funds from EPF accounts was a complicated process requiring heaps of paperwork. After UAN activation, this process has become streamlined and user-friendly.

3. Portability: The UAN is linked with the employee, not the employer, making it fully portable. This means employees can retain the same UAN throughout their working career, regardless of job changes or location shifts.

4. Online KYC update: After you uan activate, you can directly update your KYC (Know Your Customer) details through the EPF portal without relying on your employer.

5. Easy tracking of EPF account: UAN activation facilitates faster and more efficient pf balance check. Employees can track their fund’s growth and plan for their retirement more efficiently.

6. Auto-triggered SMS updates: Every time your employer deposits the monthly contribution, you receive an SMS. This ensures transparency and allows you to keep track of your PF contributions.

7. E-passbook accessibility: The e-passbook feature gives a detailed breakout of your EPF account. It lets you see your monthly contributions, employer’s contributions, and the accumulated interest amount.

8. Reduction in unclaimed funds: The UAN initiative has significantly reduced the number of unclaimed funds as individuals can now easily consolidate and manage multiple PF accounts.

In conclusion, UAN activation is a significant step towards digitising and simplifying retirement savings for workers. It brings a host of benefits and features that enhance the management of EPF, making it a user-friendly and efficient system.

Disclaimer: 

It is suggested that investors thoroughly understand the features and benefits of UAN activation before making a decision. Every effort has been made to provide accurate and comprehensive information; however, the investor is responsible for evaluating all pros and cons of trading in the Indian financial market.

Summary:

The UAN activation process is a revolutionary move towards digitisation of retirement savings for employees. UAN – a unique 12-digit identity number – issued by EPFO, serves as an umbrella linking multiple PF accounts allocated by different employers. Activating UAN allows users to easily manage their EPF accounts including functions like pf balance check, making seamless transfers while switching jobs, withdrawing funds, and updating KYC details. Therefore, UAN activation is a powerful tool providing a host of associated benefits and features, making PF management much simplified, efficient and transparent to help workers plan their retirement more effectively. However, it’s crucial for investors to understand the details before deciding on UAN activation and trading in the Indian financial market.