What is UAN and Why is it Essential?
In India’s evolving financial landscape, the Universal Account Number (UAN) has emerged as a critical tool for employees allowing them to manage their EPF accounts more efficiently. In fact, registering your mobile number with UAN has become a necessity for any salaried employee in India.
How Does UAN Work?
The UAN acts as an umbrella for multiple Member Identification Numbers (Member IDs) that are allotted to an individual by different establishments. The concept was introduced by the Employee Provident Fund Organisation (EPFO) to link multiple Member IDs assigned to a single employee under one umbrella.
Benefits of Registering Your Mobile Number with UAN
Registering your mobile number with your UAN can bring several benefits including the ability to check your EPF balance and withdrawal claims status, among other services.
Steps to Register Your Mobile Number with UAN
To register your mobile number with UAN, follow the steps outlined below:
Step 1: Visit the EPFO Member Portal
Visit the EPFO’s member portal, i.e., unified portal-mem.epfindia.gov.in.
Step 2: Log In or Activate UAN
If you have already activated your UAN, login using your UAN, and enter the password and captcha code. However, if your UAN is not activated, click on the “Activate UAN” button located below the login.
Step 3: Enter Personal Details
A new page opens up where you need to enter your UAN, name, date of birth, mobile number, email ID, and captcha code.
Step 4: Get Authorization Pin
After entering these details, click on the “Get Authorization Pin” button. You will receive an OTP on your mobile number.
Step 5: Activate UAN
Enter the OTP received and click on “Validate OTP and Activate UAN”. Post this, your UAN will be activated.
Step 6: Log In to the Portal
Now, login to the portal using your UAN and password that you set while activating UAN.
Step 7: Update Contact Details
After logging in, click on “Manage” and then “Contact Details” from the dropdown menu.
Step 8: Change Mobile Number
Under “Change Mobile No.” option, enter your new mobile number twice and then click on “Get Authorization Pin”.
Step 9: Submit OTP
An OTP will be sent to your new mobile number. Enter the OTP and click on “Submit”.
Checking Your EPF Balance
With a registered mobile number, for EPF balance check you can send an SMS in the format “EPFOHO UAN ENG” to 7738299899. Here, the ‘ENG’ is for English. This service is available in ten different languages.
Despite all this, it’s important to note that while registering your mobile number with UAN can provide a host of benefits, like any financial transaction, it also comes with a risk factor. Discrepancies, clerical errors, or security concerns may sometimes lead to unwarranted complications. Additionally, the EPF and UAN systems rely heavily on tech infrastructure, which in itself is subject to problems and issues.
Therefore, while availing of these services, individuals must maintain vigilance and be proactive, ensuring they fully understand all the processes involved and have taken all necessary precautions to protect their financial interests.
Risk in Financial Investments
Always remember, investing in the financial market, in any capacity, involves a certain amount of risk. Therefore, before you dive in, it’s essential for every investor to weigh the pros and cons, gain in-depth knowledge about the financial markets, and navigate them with due diligence and caution.
To conclude, registering your mobile number with UAN is an essential task every salaried individual should do to streamline the management of their EPF account.
Summary:
The Universal Account Number (UAN) introduced by the Employee Provident Fund Organization is a game-changer for salaried employees, providing them with a host of benefits including easy checks on their EPF balance. With just a few simple steps, you can register your mobile number with UAN and ease your EPF account management significantly. However, like all other financial proceedings, this process also requires carefulness and due diligence. Any discrepancies or errors should be reported at the earliest. Finally, potential investors must always remember that while financial markets provide investment opportunities, they also come with potential risks. Therefore, it’s always crucial to weigh all the pros and cons before stepping into the world of investments.
