EPFO may launch portable PF a/c number this month
6 Sep 2014 11:33 PM GMT
Retirement fund manager Employees’ Provident Fund Organisation (EPFO) ambitious project to provide portable universal PF account numbers (UAN) to its subscribers is likely to be launched this month.
The UAN project is likely to be launched by Prime Minister Narendra Modi. However, no date for the formal launch has been fixed as yet.
The Employees' Provident Fund Organisation (EPFO) and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said. EPFO completed seeding of 2.5 crore portable PF accounts with KYC details by August end, the official said , adding that the PF body is aiming to seed 1 crore UANs till 15 September. UAN will give the facility of collation of accounts, viewing of updated accounts as well as downloading the same and collation of pensionable service.
The universal number will be portable throughout the working career of members and can be used anywhere in India. Thus, workers in organised sector would not need apply for transfer of PF account claim on changing jobs. The body had issued 4.17 crore UANs in last week of July and had asked its field staff to complete the seeding of portable PF account number with KYCs like Aadhaar, bank account and PAN by 15 September.
Finance Minister Arun Jaitley in his budget speech had said that UAN would be allotted to EPFO subscribers. The Labour Ministry had said that the seeding of KYCs to the UAN number would be completed by 15 October.
The UAN project is likely to be launched by Prime Minister Narendra Modi. However, no date for the formal launch has been fixed as yet.
The Employees' Provident Fund Organisation (EPFO) and the Labour Ministry are in touch with the Prime Minister's Office for the purpose, a senior official said. EPFO completed seeding of 2.5 crore portable PF accounts with KYC details by August end, the official said , adding that the PF body is aiming to seed 1 crore UANs till 15 September. UAN will give the facility of collation of accounts, viewing of updated accounts as well as downloading the same and collation of pensionable service.
The universal number will be portable throughout the working career of members and can be used anywhere in India. Thus, workers in organised sector would not need apply for transfer of PF account claim on changing jobs. The body had issued 4.17 crore UANs in last week of July and had asked its field staff to complete the seeding of portable PF account number with KYCs like Aadhaar, bank account and PAN by 15 September.
Finance Minister Arun Jaitley in his budget speech had said that UAN would be allotted to EPFO subscribers. The Labour Ministry had said that the seeding of KYCs to the UAN number would be completed by 15 October.
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