Many professionals these days change jobs frequently in pursuit of better salaries and opportunities. However, such changes also accompany the change of and merger of old and new PF accounts of the employee. To rectify these problems the government introduced (UAN) Universal Account Number which is a unique 12-digit account number provided to the EPF members.
This UAN number allows linking all your PF accounts under one account thus making tracking of the same easier. There are some more advantages of UAN number that employee can transfer funds from one PF account to another quickly and easily using UAN number. One can also link your Aadhaar number to UAN which reduces the need for a signature for transfer or withdrawal of PF funds. If you have two PPF accounts you need to merge them into one account.
Merging two EPF accounts into one is not that difficult and employees need to follow some steps.
1. He must complete the KYC which involves verification of PAN, Bank Account, etc.
2.Must have a UAN, and it must be linked to your current EPF account.
3.Must wait for three days after activating UAN before merging EPF accounts.
The process to merge two EPF accounts into one EPF account using UAN online:
1.Go to EPFO website.2. Then click services.
3.Select One Employee and One Epf Account link.4.After selecting One EPF account link, we will get one window On the screen where the employee needs to fill the details like UAN, phone number, etc.
5. After entering details click Generate OTP which will send an OTP to your registered mobile number.
6. Enter the OTP and click verify OTP.
7. You will move to another window where you can enter the details of the previous EPF accounts that you want to join.
8. Mark the declaration and click "submit".
Merging two EPF accounts is simple and ensures that you have one consolidated account. This makes it very easy and you get a lumpsum when you want to withdraw your employees provident fund. With the enactment of Aadhaar Act, 2016 (26th March 2016), EPFO is now seeking to make Aadhaar, the primary identifier. Members having Aadhaar seeded UAN, saves the inconvenience of claims forms attestation by the employers
How An Aadhar Card Number Benefits Through UAN?
You may now have understood why it is necessary to merge two EPF accounts into one EPF account. While doing so, it is also important to understand that you must link your Aadhar Card. One is that the settlement of dues become easy, when you do so. Secondly, there is more transparency.
If you have not submitted your Aadhaar card as yet, you should do so at the earliest.
How To Transfer EPF Account Online?
Individuals can even transfer EPF account online as the transfer process is transparent, efficient and comfortable. A member has an option to submit the claim either through his present employer or previous employer.