If you are a salaried person – you know what PF is. PF has been here for years together, and it is a scheme that is still growing strong. When you have a PF account as your backup, you know you have something on your retirement’s back. Provident Funds have been part and parcel of almost all of the organizations with over 20 employees. But, if you suddenly came across a Universal Account Number and you want to know how a PF and a UAN number are different – this article is for you.
What is the UAN Number?
Every employee that contributes to the Employee Provident Fund is granted a 12-digit universal account number or UAN. The Employees’ Provident Fund Organization will generate and distribute it – and the Ministry of Labor and Employment, Government of India, authenticates the scheme. The employee’s Universal Account Number remains the same throughout his or her career, regardless of how many positions they have.
EPFO will issue a new member identification number or EPF Account (ID) connected to the UAN whenever an employee changes jobs. By presenting the UAN to the new employer, an employee can request a new member ID. The employee’s UAN is linked to the member ID after it is generated. As a result, the UAN will serve as a single point of contact for the employee’s many member IDs assigned by various employers.
What is the PF Number?
In 1952, the Provident Fund Scheme was established to provide employees with the benefit of a provident fund. The Employees Provident Fund Organization, which is also known as EPFO, is in charge of overseeing and administering India’s provident fund plan.
Except in Jammu and Kashmir, the Employee Provident Fund Scheme is available across India. Employees’ provident funds are available to all organizations that are listed under section 1 of this Act.
Every organization contributes a portion of the payment to Provident Funds, in which both the employer and the employee participate in the employee’s provident fund.
An employee must have a PF Account Number in order to make PF contributions. Every employee, like every other account number, has a unique PF Account Number. This PF account number can be used to check EPF status, balance, PF withdrawal online, and other information.
On a broader perspective: Employees Provident Fund is a social security program designed to protect the future of employees employed by businesses and organizations. Employees are covered by the EPF from the time they start working until they retire. It protects individuals from losing income during periods when there aren’t enough viable job possibilities or when they retire.
As a result, your UAN and PF number are important for keeping track of your EPF contributions. However, there is a distinction between UAN and PF numbers that you must be aware of in order to properly monitor your EPF statistics.
How are the Two Numbers Different From Eachother?
The Universal Account Number is quite a permanent number, whereas the PF number was originally designed to be changed multiple times. The PF number has increasingly faded away as the UAN has taken its place. Settlements in the UAN are substantially faster than in the PF. If you have linked your Aadhar card to your UAN, the EPFO is looking into the prospect of resolving claims in just one week.
The main difference between the UAN and the PF number is that the latter has made life easier by facilitating speedier settlements and increased transparency. Without a doubt, the UAN is far superior to the prior EPF number, and it has improved dramatically in recent months.
Major Distinctions Between UAN and PF number
Employees can benefit from both a UAN and a PF number; nevertheless, there are several differences between the two:
a) UAN: The abbreviation UAN stands for Universal Account Number, which contains information from all of an employee’s Member Ids.
PF: All PF information and details of an employee’s PF transaction with the issuing organization are contained in the PF number.
b) UAN: The UAN is a permanent number that is valid for the rest of one’s life.
PF: When you move jobs, your PF number changes.
c) UAN: UAN allows you to keep track of all your PF transactions.
PF: Only the PF transactions of the connected account can be tracked using the PF number.
d) UAN: It’s a 12-digit figure.
PF: This is an alpha-numeric code that indicates the EPFO’s region code and office code. The Establishment ID, Employee Member ID, Establishment Extension, and PF number are also listed.
e) UAN: A person only has one UAN number.
PF: A person can have numerous PF numbers.
f) UAN: The UAN is a unique number that can’t be linked to any other member identifying number.
PF: A single UAN number can be linked to many PF numbers.
g) UAN: You can withdraw the total money in your PF account using your UAN.
PF: Only funds from the corresponding PF account can be withdrawn using the PF Number.
h) UAN: UAN makes it easy to withdraw and transfer funds.
PF: When utilizing a PF number, withdrawing and transferring cash becomes more difficult.
Conclusion
You need your UAN number to check a lot of things in your PF account, and through this Universal Account Number number, you can also withdraw and transfer your funds without relying on your employer. So – at the end of this article, there is only one thing we have to say – do not lose your UAN number.
Santosh Kumar is a Professional SEO and Blogger, With the help of this blog he is trying to share top 10 lists, facts, entertainment news from India and all around the world.