CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Employee Provident Fund Organisation (EPFO) has extended the deadline for activating Universal Account Numbers (UAN) and linking Aadhaar with bank accounts.
About Universal Account Number (UAN)
UAN is a 12-digit identification number given to all salaried employees who contribute to the Employee Provident Fund (EPF).
This number is assigned by the Employees' Provident Fund Organisation (EPFO) and verified by the Ministry of Labour and Employment, Government of India.
UAN remains constant throughout an employee's career, even when they change jobs.
If an employee changes employers, the EPF account number and Member Identification Number (Member ID) may change, but the UAN stays the same.
In case a member already has a UAN, they can share it with the new employer, who will link the new Member ID to the existing UAN.
The UAN serves as a consolidated umbrella for all the Member IDs associated with an individual, allowing them to track all linked accounts and manage their EPF records.
It helps the EPFO keep track of an individual’s job transitions across various companies.
About Employee Provident Fund (EPF)
The EPF is governed by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and managed by the EPFO.
Any establishment with 20 or more employees must provide EPF coverage, and some smaller organizations with fewer than 20 employees may also be included, based on specific criteria.
Both the employee and the employer contribute 12% of the employee's basic salary and dearness allowance to the EPF fund.
Upon retirement, employees receive a lump sum amount that includes both their own and the employer's contributions, along with the accumulated interest on the total amount.
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