The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country.
Employees’ Provident Fund is a statutory body established by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, and is under the administrative control of the Ministry of Labour and Employment.
The EPFO has the dual role of being the enforcement agency to oversee the implementation of the EPF & MP Act and as a service provider for the covered beneficiaries throughout the country.
An EPF account cannot be opened and closed like a normal Bank account. It can be closed only the employee is no more (Dead), or when the employee has left the job with the employer
The Central Board of Trustees of Employees’ Provident Fund Organisation (EPFO) has recommended an 8.50 percent annual rate of interest to be credited for EPF subscribers accounts for the financial year 2020-21. EPFO has more than five crore active subscribers.
And now with UAN being issued for all the employees it very difficult to close EPF accounts as every new Employer will ask for the UAN from your previous Employer as it’s being made mandatory.
The Universal Account Number (UAN) is a 12-digit number allotted to employees who are contributing to EPF. It will be generated for each of the PF members by EPFO. The UAN will act as an umbrella for the multiple member Ids allotted to an individual by different establishments and also remains the same throughout the lifetime of an employee. It does not change with the change in jobs.
The UAN will help in easy transfer and withdrawals of claims.
