EPFO makes UAN mandatory for all employers under its purview
Employee Provident Fund Organisation (EPFO) has notified an order to make Universal Account Number (UAN) mandatory for all its employers.
It will be mandatory for all employers covered under the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
The UAN facility was launched by Prime Minister Narendra Modi in October 2014. It is portable throughout the lifetime of an employee and removes the need for employees to apply for PF transfer claims while changing jobs
About Employee Provident Fund Organisation (EPFO)
- EPFO is a statutory body of Union Government under the aegis of Ministry of Labour and Employment.
- Headquarters: New Delhi.
- Administers a compulsory contributory Provident Fund Scheme (1952), Pension Scheme (1995) and an Insurance Scheme (1976).
- One of the largest social security organisations in India in terms volume of financial transactions undertaken and number of covered beneficiaries.
Month: Current Affairs - June, 2015