The universal account number is good news for any employee with an EPF account(s). Ideally, the UAN offers a better and convenient way for employees to manage their retirement savings. The benefits offered by UAN are actually what most employees have been longing for. That said, here are some gains employees stand to enjoy when using UAN.
Benefits of having the UAN
Direct communication between employees and the EPF organization
One good thing about UAN is that it has made communications between employees and EPFO easy. Initially, the employer served a bridge between these two parties. The involvement of the employer was particularly needed when making withdrawals and transfers. They had to append their signatures on the documents for the transaction to go through. With UAN, the employer’s responsibility is only to deposit funds into your account. How the employees use the money is up to them.
The UAN number remains constant
Initially, employees fond of changing jobs had many PF accounts. Managing or accessing multiple accounts was quite tasking. This is no longer the case as the UAN number is not changed as you make career changes. As such, you are only expected to provide it to your new employer every time you change your job. The UAN acts like a central database where all your career moves are recorded.
Notifications once deposits are made on your account
Now, you do not have to be troubled by an employer failure to make their monthly deposits. With UAN, you will be alerted via SMS once a deposit has been done. This is incredible, as you will always know whether a deposit has been made or not. Why is this good? In the past, there have been cases of employers failing to deposit EPF money, only for the employee to realize they have nothing in their EPF account.
Easy withdrawal
Most people save for future needs. However, any limitations or bottlenecks in accessing saved funds can be frustrating. With the UAN, you can access these funds easily, particularly for emergencies and important events like buying property or dealing with some medical emergency.
UAN is good news for all EPF account holders. As such, every employee should activate their account have all requirements met like uploading relevant KYC (know your customer) documents. With an active account, you can enjoy the priviledges via uan member login. Accessing and transacting on your EPF account is easy and convenient.