EPFO extends deadline for UAN activation, Aadhaar seeding
What's the story
The Employees' Provident Fund Organisation (EPFO) has pushed the deadline for Universal Account Number (UAN) activation and Aadhaar seeding in employees' bank accounts.
The new date has now been set for February 15, 2025. This extension is applicable to employees eligible to claim benefits under the Employee Linked Incentive (ELI) schemes.
The schemes' benefits are disbursed through direct benefit transfer (DBT) to Aadhaar-linked bank accounts.
Usage
Unique identifier for EPF accounts
The UAN is a unique 12-digit number given by the EPFO to maintain provident fund accounts.
It merges all EPF accounts from different employers into one, making the fund transfer easy while switching jobs.
The UAN also improves security by protecting account details as well as transactions with secure authentication.
Requirement
UAN activation and Aadhaar seeding: A necessity for ELI schemes
The Indian government launched the ELI schemes in 2024 to promote first-time employment.
To avail the subsidy under these schemes, it is compulsory for employees to register with EPFO and activate their UAN.
The first deadline for the same was fixed on November 30, according to a circular dated November 22 last year.
Advantages
Benefits of activating UAN and seeding Aadhaar
Activating UAN and seeding Aadhaar in bank accounts allows employees to avail several facilities through a single window.
These include viewing and downloading PF passbooks, submitting online claims for withdrawals, advances or transfers, updating personal details, and tracking the status of claims in real time.
The documents required to generate a UAN include PAN card, Aadhaar card, identity proof (passport/voter ID/driving license), address proof, and bank account details.
Schemes
ELI schemes: A boost for formal sector employment
The ELI schemes, announced in Budget 2024, are aimed at boosting formal sector employment. They provide benefits to both employers and first-time employees.
Presently, there are three ELI schemes: Scheme A for first-time employees, Scheme B for the manufacturing sector, and Scheme C aimed at providing support to employers.