It how to activate uan delivers a plethora of benefits to both employees and employers, encompassing:
Portability: Employees no longer need to undergo the tedious process of applying for a provident fund account every time they switch jobs. Instead, the UAN (Universal Account Number) remains constant, and the new employer simply links the employee's account to the existing UAN.
Consolidation: With the UAN, employees can easily merge their EPF accounts when changing jobs. This simplifies the tracking of contributions and withdrawals, providing a more organized financial overview.
Ease of Access: Workers can conveniently access their EPF account information through the UAN portal. This allows them to check their balances, update personal information, and review transaction history with ease.
Efficient Withdrawals: UAN streamlines the fund withdrawal process, making it quicker and more straightforward for employees to access their funds when needed.
Reduced Paperwork: UAN significantly reduces the reliance on paper-based documentation, as most tasks can be completed online. This time-saving and resource-efficient approach benefits both employees and employers.
Transparency: Employees now have the ability to monitor their EPF contributions, track earned interest, and maintain records of withdrawals. This enhances transparency and accountability within the system.
Ease of Verification: Employers can conveniently verify the authenticity of employees' UANs through the EPFO portal, minimizing the likelihood of fraudulent claims.
Online Services: The UAN portal offers various online services, such as fund transfers between EPF accounts, updating KYC information, and designating beneficiaries, all of which contribute to a more streamlined and user-friendly experience.
