The Employees Provident Fund (EPF) acts as a saving tool for employees. Employers and employees each contribute 12% of the employee’s basic salary towards EPF. For organisations that have more than 20 employees, it is mandatory to contribute towards EPF. Every employee is allotted a distinctive 12-digit Universal Account Number (UAN). An employee can have only one UAN and it remains the same throughout his/her employment life.
With the help of the UAN, employees can check their Provident Fund (PF) balance, transfer their PF online, download their UAN card, and withdraw their PF amount easily. However, employees will need to register on the Employees’ Provident Fund Organisation (EPFO) portal, activate their UAN, and link their Know Your Customer (KYC) details in order to avail these benefits.
Benefits of linking KYC details on the EPFO portal
Given below are the benefits that employees can enjoy on activating their UAN and linking their KYC details to the UAN:
- PF passbook can be viewed: Once employees activate their UAN, they will be able to view their PF balance as well as know their monthly contribution.
- PF accounts can be transferred: By activating the UAN, employees can easily transfer their previous company’s PF balance to the current one. The process is very simple, and no documents need to be submitted. However, employees will need to give their UAN to the current employer.
- No documentation is required: Once employees link their KYC details in the EPFO portal, and it is approved by the employer, they will not have to go through the difficult process of document verification that is a part of EPF.
- PF withdrawals can be done online: It is very easy for employees to withdraw their PF money online once they have updated their KYC details. Also, no permission is needed from the previous employer to withdraw the PF amount as well.
- SMS alerts are received: Notifications are received by employees via SMS if any PF withdrawals are made. This can help individuals in making sure their PF amount is not withdrawn by a third-party.
KYC details that must be linked on the EPFO portal
Given below is the list of KYC documents that must be linked on the EPFO portal:
- Bank details including account number and IFSC code.
- Permanent Account Number (PAN) card
- Aadhaar Card
Though it is not mandatory to update the PAN card for withdrawal of PF, an extra charge is levied in case the PAN card is not updated.
Procedure to update KYC details on EPFO portal
Employees will first need to activate their UAN before linking their KYC details. Given below is the procedure to activate UAN as well as linking the KYC details to the UAN:
- You will need to visit the EPFO website (https://www.epfindia.gov.in/site_en/index.php).
- The next step will be to click on ‘For Employees’ which is present under the ‘Our Services’ tab.
- You must click on ‘Member UAN/Online Service (OCS/OTCP)’ which is present under ‘Services’.
- On the next page, you must click on ‘Activate UAN’. However, you must ask the employer for the UAN or it can be found on your salary slip.
- On the next page, all mandatory details such as UAN, name, date of birth, mobile number, email ID, and captcha must be entered.
- Once the above details are entered, click on ‘Get Authorization Pin’.
- You will receive an OTP on your registered mobile number which must be entered on the next page.
- Click on ‘Validate OTP and Activate UAN’ for your UAN to be activated.
- You will receive the UAN number and password by SMS.
Linking KYC details to UAN
- You will need to visit the employees page on the EPFO portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/).
- The next step would be to enter your UAN, password, and captcha details and then click on ‘Sign In’.
- The next step would be to click on ‘KYC’ under the ‘Manage’ tab.
- The next step would be to fill in your bank, PAN, and Aadhaar details and click on ‘Save’.
- Once you click on ‘Save’, the status will show as ‘Pending KYC’. The employer will need to approve the your KYC details.
- Once the KYC details are approved by the employer, the status will change to ‘Approved KYC’.
- Even though the KYC details will be reflected on the EPFO portal before the employer’s approval, it is mandatory for the employer to approve the details.
- Employees can approach their employers for quicker approval.
Making changes to any KYC details
In case you make an error while updating the KYC details, you can rectify the same on the online portal. However, changes must be made before the employer approves the documents. Given below is the procedure to make changes on the updated KYC details:
- You will need to login to the EPFO portal using your UAN, password, and captcha details.
- View the document which you wish to change and click on ‘x’. The data will be erased, and you can now update the KYC with the correct details. For more information click here.
The introduction of the UAN has made the PF withdrawal process easy. Employees can also avail various EPFO benefits such as checking their PF balance, transfer their PF accounts, and download their UAN card online. Unlike earlier, the documents required for employees to claim their PF balance are also minimal.