The ministry of labour and employment has set timelines to ensure 100% Aadhaar seeding in Universal Account Number (UAN) database of Employees’ Provident Fund (EPF) by end of December this year. Here are the benefits of seeding Aadhaar number in UAN:
The Aadhaar number issued by UIDAI is one of the important KYCs being seeded to extend a number of services to the member.
UAN links all multiple member ident-ification numbers into a single number. The member is required to provide the same on joining new establishment.
The EPF has made it mandatory to provide Aadhaar card as KYC document while applying for the scheme.
Linking Aadhaar details with UAN is a safe and trusted mode of verifying the details of each employee efficiently.
Seeding of Aadhaar with UAN works as proof of identity and proof of address and reduces the duplicacy of accounts.
With UAN, employees can have online access to his provident fund account.
After logging into the account by UAN and password, user can update KYC with Aadhaar details and submit a scanned copy of the card.
For transfer of money from PF account to the bank account, Aadhaar number is a necessary document to verify and validate the identity of the employee.
On verification of Aadhaar and PAN, money from PF account is transferred into employee’s savings account.
At present, for 7.95 crore UAN issued by EPFO only 1.82 crore Aadhaar numbers of members have been uploaded and only 1.5 crore Aadhaar numbers of members have been digitally verified by employers.