09 Aug, 2014 10:14p.m.

PF portability to be implemented soon

Employees Provident Fund Organisation (EPFO) expects to operationlise permanent or universal account numbers (UAN) to its over 4 crore subscribers by October 15 this year. With this you will b e able to use same PF account while shifting jobs. This permanent account number will be portable throughout the working career of a staff. This is based on the lines of core banking services where a customer can avail the bank services in any of its branch through his allotted account number.

After getting UAN, a PF subscriber would not be issued a new account number on joining a new firm. Instead, he/she would get a member-id which would be linked to the UAN. If an employee has already been allotted the universal PF account number, then he/she is required to provide the same on joining a new establishment to enable the employer to in turn link the new allotted member identification number to UAN. This will help in smoothening out the process of filing of PF transfer claims on changing jobs.

The employees would be also be given a personalised log-in though which they can see carry out different tasks: download UAN card, view updated PF account, file and view transfer claims, and update KYC information.

EPFO has already issued universal PF account numbers for 4.17 crore contributing members. They have been made available to the employers who in turn have to seed the numbers with Know Your Customer (KYC) details such as bank account, PAN and Aadhaar details of the employees.

As per latest progress review, more than 30 lakh (KYC) data has been seeded so far. EPFO has set September 15 as deadline for completing this task.



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