UAN additionally helps individuals preserve observe of the a number of EPF accounts opened by completely different organisations they’ve labored for.
People can merge their numerous EPF accounts utilizing the Universal Account Number or UAN.
People, who change jobs greater than as soon as, ought to merge all their Employees’ Provident Fund (EPF) accounts from earlier employers with the brand new ones. This must be achieved to scale back or keep away from taxation on the withdrawal of EPF cash as it’s ensured that there is no such thing as a hole within the worker’s years of service. For earnings tax, the withdrawal from the EPF account is exempted from tax after 5 years of steady service, which is calculated from the date of becoming a member of the EPF scheme to the date of creating a withdrawal. If there’s a hole earlier than finishing 5 years, the EPF turns into taxable.
People can merge their numerous EPF accounts utilizing the Universal Account Number or UAN. It permits individuals to hyperlink all EPF accounts below a single account. UAN additionally helps individuals preserve observe of the a number of EPF accounts opened by completely different organisations they’ve labored for.
EPF members may give their UAN to the brand new employer for opening an EPF account within the new organisation. Once the brand new account is opened, the cash from the earlier employer’s EPF account is transferred to the brand new one. However, there will probably be a separate process if a brand new UAN is generated by the brand new organisation. In that case, individuals will probably be required to merge all their UANs into one UAN. If an worker has a number of UANs, the newest one must be linked to the brand new organisation. The PF balances have to be transferred from the opposite UANs right into a single one.
Here’s how individuals can merge their EPF accounts online-
UAN quantity have to be activated.
One Member- One EPF Account (Transfer Request) below the web companies tab must be chosen.
In the third step, the non-public particulars of the worker will probably be proven. Details of the EPF account with the present employer may also be proven. In this EPF account, the switch will probably be achieved from earlier accounts.
To switch the outdated/earlier account, it must be attested both by the earlier employer or the current employer. After this, staff ought to enter the outdated member ID, i.e., earlier PF account quantity or earlier UAN. Employees ought to click on on Get Details after this step.
After this, staff ought to click on on Get OTP and a one-time password will probably be despatched to their quantity. OTP must be entered after which submitted.
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