“Universal Account Number (UAN)”- will be provided by EPFO from Oct 2014
The Employees’ Provident Fund Organization (EPFO) will provide permanent account numbers to it’s’ over five crore subscribers from October, 2014.
- EPFO is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. (Headquarters: New Delhi).
Permanent or Universal Account Number (UAN)
- Purpose: To provide great relief to those workers in organized sector who frequently change jobs, particularly, in the construction sector.
- Will facilitate subscribers to avoid filing Provident Fund (PF) account transfer claims on changing jobs.
- Subscriber would not be issued new PF account number on joining new employer.
- The UAN would be one account number which would be allotted to a subscriber for various schemes run by the EPFO for his or her entire service period with different employers.
- The roadmap for implementing the UAN programme will be prepared by Centre for Development of Advanced Computing (C-DAC).
- Benefit: UAN will help to reduce the workload of the EPFO to a great extent as it receives over 12 lakh claims for transfer of PF account on changing of jobs by its subscribers.
Note: The C-DAC is the premier research and development organization under the Union Ministry of Communications & Information Technology for carrying out R&D in IT, Electronics and associated areas.
Categories: Banking Current Affairs 2017