EPFO moots plan to consolidate multiple accounts of employees
In a bid to ease claim settlement like PF withdrawals, retirement fund body EPFO has planned to make Aadhaar as primary identifier for settling Aadhaar-seeded PF accounts without employers’ attestation. This is part of Employees Provident Fund Organisation’s (EPFO) special drive to consolidate multiple accounts of an employee.
As on April 25, 6.77 crore UANs have been issued. Aadhaar has been uploaded against 1.30 crore UAN (Universal Account Number), out of which 1.03 crore Aadhaar have been digitally authenticated by the establishments, EPFO said in a statement.
“With the enactment of Aadhaar Act, 2016, EPFO is now seeking to make Aadhaar, the primary identifier. It is planned that in case of members having Aadhaar-seeded UAN, there will not be any requirement of attestation of claims by the employers,” the retirement fund body added.
EPFO has been advising members to link all their Provident Fund (PF) account numbers with the UAN so issued and to also seed KYC data against their UAN number. KYC primarily means Aadhaar, PAN and Bank Account. The establishments are advised to upload and then digitally authenticate the KYC information, it said. Integration of members’ multiple PF accounts will enable continuance of lifelong PF membership and allow PF, pension and insurance benefits on combined service and accordingly it is expected that pay-outs to members on superannuation would be significant.
“EPFO seeks to encourage members to continue their PF membership by offering increasingly better services and ease of convenience. There is no proposal to discourage PF withdrawals, rather the aim of instruction is to upgrade the quality of services being offered by EPFO,” it said.
UAN has been issued to all members in respect of whom at least one contribution has been received since January 2014. Instructions have been issued to establishments that in case any new employee joins an establishment, they may furnish UAN, if any, allotted to the member earlier or declare that she/he is becoming a PF member for the first time, EPFO added.