UAN came as a blessing to the employers as well as the employee. It had been more beneficial for the employees for the various reasons. If you are not sure about the benefits of the UAN Number to the employee then read on to know about them
Centralized System–With help of UAN, the system has been centralized and all the PF accounts can now be viewed under one single number. This is the best advantage that is offered by the implementation of UAN.
Easy Transfer– The transfer of PF from the old employer to the new employer is now very easy and the transfer can be made in just a few clicks. These transfers can be made online and the status of the same can also be checked online.
Easy Withdrawal– It is also possible to withdraw the PF through the Online EPFO portal and the process is quite easy. In addition to this, you do not have to visit the company or you do not have to approach your HR to request a withdrawal.
No Involvement of Employer– UAN portal has also eliminated the dependency on the employers during the withdrawal and transfer. This is right, when you submit a request for the transfer of PF, the request is handled by the new employer,not the old employer.
Higher Transparency– It is also possible to check the balance in your PF account every now and then as the same is updated in real time. Apart from this, you also receive notification when the PF is deposited intothe account and when the PF is not deposited in the account.
Downloading Passbook– UAN Portal has made it possible to download the passbook of the PF. This helps the user in planning for future and ensuring that there is no miss on part of the employer.
Future Improvements– In future, the government is adding new facilities like auto transfer of PF and in addition to this, the EPFO is also planning to segregate the ETF account with the PF account.
These are all the benefits that the UAN offers to the employee. Activate your uan to get all this benefits.