EPFO: The primary aim of EPFO is to assist employees. To accomplish this, employees must activate their UAN number and connect their bank account to their Aadhaar number. The due date for completing these tasks has been pushed back to January 15 of next year.
Each worker possesses a provident fund account. This is referred to as a PF account. Each month, a portion of the employee’s salary is deposited into it. The employer additionally contributes an equal sum. The worker has the chance to obtain a significant sum of money post-retirement. Funds are also given monthly as a pension. PF accounts will still be overseen by the Employees’ Provident Fund Organization (EPFO).
Why UAN number is essential?
Each PF account holder possesses a Universal Account Number (UAN). As a result, account transactions are conducted transparently. Consequently, every account holder needs to enable this number. The UAN number is essential for online PF withdrawals, balance inquiries, and more. Each month, funds are credited to the PF account holder’s account by EPFO.
How to activate UAN number?
To achieve this, bank account needs to be connected with an Aadhaar number. At present, all monetary transactions are conducted via the Direct Benefit Transfer (DBT) scheme. To obtain its advantages, connecting the bank account with the Aadhaar number is essential. Consequently, the advantages are directly credited to the recipient’s account.
Under the ELI program, workers will receive wage subsidies through Scheme A for the initial time. Employers will be incentivized to recruit new staff via Schemes B and C. This will, in turn, positively impact the employees. Additionally, initiatives like offering skill training to 2 million young people and providing internships to 10 million youth are being implemented.
To access the advantages of the employment-based incentive program, employees need to activate their UAN number and connect their Aadhaar number to their bank account. Only then can they directly benefit from this scheme. A deadline of January 15 has been set for this. As stated in the previously issued circular, this deadline lapsed on December 15. As a result, directives have been given to prolong it for an additional month.