Merge Multiple UAN / PF Accounts into One

UANEPFO has started out a new service for its over 4 .5 crore subscribers which will allow consolidation or merger of their numerous PF ( provident fund ) accounts with the existing universal portable account number ( UAN ). 

Under this servicemembers of the Employees’ Provident Fund Organisation ( EPFO ) can consolidate up to 10 previous accounts with their existing PF Account number at one go.

The members will need to give their existing working UAN, member ID ( identification ) and the mobile number which is registered at the EPFO portal. After validating credentials of the members, the EPFO will allow them to register their prior EPF account numbers for consolidation with the current PF Account number.

Currently, the EPFO subscribers are required to file separate transfer claims online using PF Account number on the EPFO’s UAN portal. But to avail of the facility, they are required to activate their UAN that is seeded with bank accounts and other details such as Aadhaar and PAN.

The EPFO, according to the official releasehas released guidance to its over 120 locations earlier this week to make use of this program and make sure multiple accounts are merged as quickly as possible.

This is the right step in achieving EPFO’s goal of “one employee, one PF account” which is very good for subscribers also. Use this link to start the process – click here

But why multiple UAN numbers?

There are many reasons behind people having two PF Account numbers, For example, If the employee failed to share his/her UAN with his/her new employer. This may occur when an employee does not want to share his/her past issues with their New Employers and may choose to get a new PF Account number (instead of submitting the information of their previous UAN). 

This may also happen, if the previous company has not listed the exit date on an employee’s previous PF account / UAN. The company needs to state the very last date on an employee’s PF Account, If they don’t, the new company will start the procedure of getting the employee a new UAN. This would result in multiple UANs for the worker.

Disclaimer: I am not your financial advisor. Also, I am not SEBI Registered Investment Adviser. I write articles to share my opinion and experiences of managing money. The information and services may contain errors, problems or other limitations so I request you to contact your Financial advisor, CA or legal advisor for professional advice before making any financial decision. All views and opinions shared here are purely individual opinions. If you have any questions or concerns regarding this post then please contact me and let me know.

Posted in Financial Planning, Provident Fund and tagged CA, financial Advisor.