What is UAN ( Universal Account Number)

What is UAN (Universal Account Number) 

UAN is standing for Universal Account Number. It is a number which was given by Employer/ EPF Consultant of your company. This id is a gift for you because it will help you to check your EPF balance, Update KYC, Transfer Claim etc. In past you are not able to check the EPF balance, sometimes create fraud from employer or authority persons.


Benefits of UAN:-

1. You can check your EPF balance and download passbook.

2. You can check that the employer is making the PF payments or not.

3. You can transfer your claims in a quick manner.

4. This facility gave power in your hands without the hassle you can withdraw the EPF & Pension fund online. (But only in case of Updated KYC Like Bank Details, Pan Card, Aadhar Card etc.)

5. It will help you to transfer your funds. After resigning your job you have to just provide the UAN Number. The bible for your EPF information.

Benefits of EPF to Employees

Benefits of EPF to Employees

Tax-free earnings: The Money that is deposited in your PF Account get the Interest Decided by Government. The Amount is Tax-Free. Employee Don’t Need to Pay any Tax for their PF Earnings.

Retirement – At the Time of Retirement Employee gets the Amount which he/she Saved During his Job.

Emergencies – The funds are also useful in times of emergencies to meet certain requirements for which premature withdrawals are allowed in certain cases.

Loss of income – If an employee for some reason cannot work any longer, these funds help tide over the loss of income.

Long-term savings option: EPF is Good Option for a Long-term Saving Goals and also Tax-free.

Pension: Along with provident funds, an employer also contributes towards an employee’s pension fund which the employee can eventually use upon retirement.

Insurance: An employer also contributes towards an employee’s life insurance in the absence of a group cover, thereby ensuring employees are 

What is Provident Fund

As you know that Provident fund is a fund which is composed of contributions made by the employee during the time he/she worked along with an equal contribution by his employer”

“

RATE : Provident fund is calculated as 12% of his/her basic salary & the same amount is contributed by the employer.however employee have a option to contribution more than 12%

DEPOSIT OF CONTRIBUTIONS:

Employers contribution of 12% of basic salaryis totally deposited in provident fund account whereas out of employees contribution of 12% , 3.67% is contributed to provident fund & 8.33% is deposited in Pension scheme.

IS IT COMPULSORY FOR ALL EMPLOYEES TO CONTRIBUTE TO THE PROVIDENT FUND?

employees drawing basic salary upto Rs. 1,5000/- have to compulsory contribute to the provident fund . however , employees drawing above Rs. 15,000/- say Rs. 15,001 have an option to become member of the provident fund.

ADVANTAGES:

1. Tax benefit u/s 80C
 2. retirement benefit
 3. withdrawal benefit