The UAN will also save a lot of hassles when one changes his job. As tit will be a portable account, formal sector workers would not have to apply for transfer of PF. Some of the other features of the UAN would include paperless settlement of provident fund, withdrawal of claims during retirement and fixing of pension after attaining the age of 58 years.
As per sources, the retirement funding body is right on track to impliment the four crore UANNs that were issued in the last week of July. Out of the 4.18 crore members of the portal, the EPFO has already tracked the bank account details of 2.04 crore employees, PAN details of 92.94 lakh employees and Aadhar number in respect of 35.4 lakh workers.
The PF body has recently mandated employers to provide their employees' bank account numbers with IFSC code of respective bank branches to facilitate allotment of universal PF account number and payment to its subscribers. As per an office order, the firms would have to furnish the information regarding the core banking account number with IFSC code of the bank branch in respect of existing members by October 15.