Dedication of Portability through Universal Account Number (UAN) for Employees Provident Fund
“The minimum pension for
employees has been introduced first time so that employees’ pension is
not less than Rs. 1000 per month. The wage ceiling has been raised from
Rs. 6500 to Rs. 15000 per month to ensure that vulnerable groups are
covered under EPF Scheme”.
Under the scheme complete information
for approximately 4 crore subscribers of EPF has been centrally compiled
and digitized and a UAN has been allotted to all. The UAN is being
seeded with Bank account and Aadhar Card and other KYC details for
financial inclusion of vulnerable section of society and their unique
identification.
Camps are being organized to facilitate
opening of bank account and Aadhar card for those subscribers who have
no bank account or Aadhar card as on date. This will ensure portability
of the Social Security Benefits to the labour of organised sector across
the jobs and geographic areas. The EPF account of employee will be now
be updated monthly and at the same time he will be informed through sms.
Finally it will ensure that each of the 4
crore or more EPF account holders have direct access to their EPF
accounts and will also enable them to consolidate all their previous
accounts (approximately Rs 27000 Crore are currently lying with EPFO in
inoperative accounts). By 16th October, 2014, approximately 2 crore
subscribers will have the benefit of portability through UAN.
Subscribers have been informed through sms/email immediately on
inauguration.
The minimum pension for employees has
been introduced first time so that employees’ pension is not less than
Rs. 1000 per month. The wage ceiling has been raised from Rs. 6500 to
Rs. 15000 per month to ensure that vulnerable groups are covered under
EPF Scheme.
Source: PIB News
#Employees Pension Scheme, #EPFO, #Provident Fund, #Employees Provident Fund, #Minimum Pension
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