All salaried professionals are offered retirement benefits scheme by the government of India with the Employee Provident Fund (EPF). Under this scheme, a portion of your monthly salary is deducted, and an equal amount of money is contributed by the employer towards an EPF account for long-term.
The accumulated amount along with the interest will be given to you after your retirement or two months after your job-switch. However, in order to open a PF account and avail the EPF benefits, you need to have a Universal Account Number(UAN). Here are the benefits of UAN:
Simplicity – it acts as an umbrella number for multiple EPF accounts and allows you to access and manage all your EPF accounts from various employers by simply logging into your account online.
Easy Transfer – when you switch your job, the PF balance transfer is triggered by itself after linking all previous EPF accounts under your UAN. This will save you from the tedious task of applying for EPF balance transfer separately.
Easy Balance Check – you can check your EPF balance conveniently by simply logging into your account through the EPFO website. You can also send a text message or give a missed call to know your cumulative PF balance.
Withdraw Funds - you can also withdraw and transfer funds from your EPF account quickly and conveniently with the help of your UAN. This will make accessing your PF account a simple and efficient process and will also save you the effort of maintaining passwords and account details for multiple EPF accounts.