EPFO: The UAN number is not permanent even when the job is changed. After linking your old account with this number, all the accounts come to the same place. It does not cause loss of interest to you.
Often the jobs of private employees vary. In such a situation, their Employee Provident Fund ( EPF) account also changes. Money starts depositing in a new EPF account in a new place. But due to the non-update of the old account, interest stops in it.
However, interest will remain on the EPF account linked to the old job for the next 3 years. To get further interest in, this, new and old accounts have to be linked in the Employees Provident Fund Organization (EPFO). By the way, nowadays EPF has introduced the facility of UAN number. This is a number that does not change even when you change jobs. After linking your old account with this number, all the accounts come to the same place.
Also, Read This: Employees will get all the pension benefits on the day of retirement, rules will change for gratuity
These are the conditions when your account becomes inactive
- If the employee does not make the settlement within 36 months after he is 55 years old.
- If the subscriber goes abroad.
- If the EPF member dies.
- Do not make a settlement within 36 months from the date of becoming eligible to withdraw money from the PF after resigning from the job.
Activate UAN First
A UAN number has been allotted to every member of the EPFO. Usually, it is written on your salary slip. To activate it, you will have to go to the unified member portal of EPFO. https://unifiedportal-mem.epfindia.gov.in/ member interface. By clicking on this website, you click on the Activate UAN tab. After entering the UAN number, name, date of birth and mobile number will have to be entered. In this case, an authorization pin is generated. After inserting this pin, your UAN becomes active.
Taken these steps to link two or more old accounts
On the EPFO website, you will have to select One Employee-One EPF account in the Services tab. After clicking on this link, a form will open. The EPF member will have to enter their mobile number here. After this, the UAN and the existing member ID will have to be entered. After inserting these things an OTP will be generated. It will have to be authenticated by OTP. Once you enter OTP, the page with the old PF account will start appearing. Once you enter the old PF number and accept the declaration, the request for the merger will be accepted on submission. The account can be merged within three days of activating the UAN. To use this facility, it is necessary that the employee’s KYC is updated and the Aadhaar information is given there.
The money of both employees and employers is deposited in the EPF account
Both employees and employers make a regular contribution to the EPF during the employee’s job period. It is 12-12 percent of the basic salary. Similarly, even if you leave the job before the age of retirement, you continue to get interest on deposits in the PF account for a certain time. Currently, this interest rate is 8.5 percent.
