The deadline for Universal Account Number activation and Aadhar seeding in bank accounts has been extended to Dec. 15, 2024. The circular from the Employee Provident Fund Organisation stated that the date for the deadline given in an earlier circular will be moved from Nov. 30 to the upcoming date.
Why Activate UAN
Employees must activate their Universal Account Number and complete linking of Aadhaar with their bank account to avail benefits of the Employment Linked Incentive Scheme announced in Union Budget 2024-25. The Ministry of Labour and Employment has directed the Employees' Provident Fund Organisation to ensure activation of UAN using Aadhaar-based OTP.
The UAN activation and Aadhar seeding with bank accounts can be done after the member logs on to their portal. There will be an Aadhaar based OTP verification that can be done when the user selects 'Activate UAN' section under 'Member UAN/ Online Services'.
This will help employees manage their Provident Fund accounts. Also, employees can avail services like downloading the PF passbook and submitting online claims only after completing UAN activation and Aadhaar seeding with bank account.
Employers have been asked to complete the process of UAN activation through Aadhaar-based OTP for all employees who have joined in the current financial year.
Benefits Of ELI
As per the earlier circular, the UAN activation and the Aadhar seeding in the bank account must be done in order to benefit from the Employment Linked Incentive scheme. Every member of the EPFO has to have their Aadhar linked to their UAN. This procedure is to be done after logging into the Member Portal.
Linking the Aadhar and the UAN will then allow the employee to download PF passbooks, submit online withdrawal claims, update personal details, and track the status of withdrawals.
Further, for direct benefit transfer, members are also required to have their bank account seeded to the UAN, so that the transfers can be done directly to their bank account.
The extended deadline will now allow members to ensure that their accounts are linked and seeded to benefit from the ELI and DBT.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
