Dedication of
Portability through Universal Account Number (UAN) for Employees Provident Fund
Under the scheme
complete information for approximately 4 crore subscribers of EPF has been
centrally compiled and digitized and a UAN has been allotted to all. The UAN is
being seeded with Bank account and Aadhar Card and other KYC details for
financial inclusion of vulnerable section of society and their unique identification.
Camps are being
organized to facilitate opening of bank account and Aadhar card for those
subscribers who have no bank account or Aadhar card as on date. This will
ensure portability of the Social Security Benefits to the labour of organised sector
across the jobs and geographic areas. The EPF account of employee will be now
be updated monthly and at the same time he will be informed through sms.
Finally it will ensure
that each of the 4 crore or more EPF account holders have direct access to their
EPF accounts and will also enable them to consolidate all their previous
accounts (approximately Rs 27000 Crore are currently lying with EPFO in
inoperative accounts). By 16th October, 2014, approximately 2 crore subscribers
will have the benefit of portability through UAN. Subscribers have been
informed through sms/email immediately on inauguration.
The minimum pension for
employees has been introduced first time so that employees’ pension is not less
than Rs. 1000 per month. The wage ceiling has been raised from Rs. 6500 to Rs.
15000 per month to ensure that vulnerable groups are covered under EPF Scheme.
Source: PIB News
