Subscribers of employee Employees’ Provident Fund Organisation or EPFO can now link their UAN with the Aadhaar card number via the UMANG app. EPFO launched this facility on Wednesday when it lowered the interest rate of employee provident fund to 8.55 per cent in 2017-18 as compared to 8.65 per cent in the last fiscal. The retirement fund body also enabled subscribers to linking their UAN with Aadhaar card numbers in the EKYC PORTAL of EPFO (https://iwu.epfindia.gov.in/eKYC/) using the bio-metric credentials of subscribers. The decisions came after a meeting presided over by Labour Minister Santosh Gangwar.
Here are five things you should know about it:
1. UAN stands for Universal Account Number. A UAN is generated for every provident fund contributing member. It acts as an umbrella for the multiple member IDs allotted to an individual by different establishments, said EPFO on its website, epfindia.gov.in. The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number.
2. UAN can now be linked with the 12-digit unique identity number or Aadhaar card number via the UMANG app, which allows you to access a host of government services online through web and mobile app.
3. Mr Gangwar, who also heads EPFO’s apex decision making body Central Board of Trustees (CBT), also launched online nomination filing by EPFO members in the meeting held on Wednesday.
4. The minister also said the EPFO has liquidated portion of its investments in the exchange traded funds (ETFs) to bridge the gap to provide 8.55 per cent interest this fiscal, according to a report by news agency Press Trust of India (PTI). He explained that it is higher than 7.6 per cent provided to General Provident Fund and Public Provident Fund subscribers.
5. The EPFO also decided to reduce the administrative charges to 0.65 per cent of total wages of an employee from April 1, a move that will result in savings for about 6 lakh employers, the report said.