EPFO makes UAN mandatory for all employers under its purview [ Current Affairs ]
Employee Provident Fund Organisation (EPFO) has notified an order to make Universal Account Number (UAN) mandatory for all its employers. Employee Provident Fund Organisation (EPFO) is a statutory body of Union Government under the aegis of Ministry of Labour and Employment. Employee Provident Fund Organisation (EPFO)’s headquarters in New Delhi.
- EPFO will be mandatory for all employers covered under the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
- In October 2015, the UAN (Universal Account Number) facility was launched by Prime Minister Narendra Modi. It is portable throughout the lifetime of an employee and removes the need for employees to apply for PF transfer claims while changing jobs
- Administers allow a compulsory contributory Provident Fund Scheme in 1952, Pension Scheme in 1995 and an Insurance Scheme in 1976.
- EPFO is one of the largest social security organizations in India in terms volume of financial transactions undertaken and number of covered beneficiaries.
- Published on: June 25, 2015