Employees Provident Fund Organization advice to employers
Posted on: 25/Aug/2014 9:43:31 AM
The Employees Provident Fund Organization (EPFO) has advised employers to ensure that all their employees had savings account in any bank. This comes in the wake of EPFO allotting Universal Account Number (UAN) to all the members who had contributed during the period from January 2014 to June 2014.
The main objective of the UAN is to capture the Know Your Customer (KYC) details of the members in order to improve the quality of services to be rendered by the EPFO.
EPFO asked the employers to actively process the seeding of UAN with the required information such as bank account number, Aadhaar, permanent account number and National Population Registry numbers.
In order to integrate the services, the UAN registration followed by the seeding of bank account number in respect of each member is mandatory along with KYC documents.
