EPFO is at the center stage now. The move to increase the PF wage ceiling, more self service features via e-SEWA, and online registration of employer are a few of the current changes that are underway . However, the highlights are UAN and KYC.
If you are already an EPF-registered Employer, you would have received circulars on these new features. EPFO has published the complete information in its portal.
Many employees have multiple PF Member IDs on account of their employment with previous companies. Once the employee changes employers, tracking details of PF at previous employer is never easy. This issue is now being solved by EPFO through a unique number, which is going to act as an umbrella number for all allocated Members IDs for an employee. The feature is called Universal Access Number (UAN). UAN will group multiple Member IDs allocated to a single employee and will help the employee view details of associated information.
Apart from linking Member IDs, EPFO aims to make member self service popular and effective. The new KYC (Know Your Customer) and Mobile Number-driven activation of UAN registration is the best example for this. As KYC is going to be tagged with UAN, there won’t be any dependency on new employer for KYC during employee movement from one company to another.
Here is snapshot of key tasks of Employees as well as Employers:
Key Tasks of Member
- Inform current Employer if already having UAN.
- Wait for UAN Information (employer is mandated to update it soon).
- Activate UAN registration by following some simple steps at Member Portal.
Key Tasks of Employer
- Download UAN list at Employer Portal.
- Upload UAN of employees to Employee Profile in your HR system.
- Collect PF KYC Info (preferably PAN or Bank A/C) and get it verified.
- Update KYC and approve with digital signature or prepare KYC text file for mass upload and authorize it with digital signature.
Greytip will soon release the modules to help you quickly and easily update the UAN number and generate the KYC file. Please look forward to our next communication on this subject.