EPFO made UAN mandatory for all employers under Employee Provident Fund Act, 1952
The UAN facility that remains portable throughout the lifetime of an employee was launched by Prime Minister Narendra Modi in October 2014.
Employee Provident Fund Organisation (EPFO) on 22 June 2015 notified an order to make Universal Account Number (UAN) mandatory for all employers covered under the Employees Provident Funds and Miscellaneous Provisions Act, 1952.
The UAN facility that remains portable throughout the lifetime of an employee was launched by Prime Minister Narendra Modi on 1 October 2014. The deadline for completing the formalities of UAN is August 2015.
Till date, EPFO has issued more than four crore UANs to employers across the nation and more than 56 lakh workers have activated their portable PF account numbers.
Employees Provident Funds and Miscellaneous Provisions Act, 1952
The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. The Act was enacted as per Directive Principles of State Policy mentioned in the Constitution of India. It provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want.
Presently, the following three schemes are in operation under the Act:
• Employees' Provident Fund Scheme, 1952
• Employees' Deposit Linked Insurance Scheme, 1976
• Employees' Pension Scheme, 1995 (replacing the Employees' Family Pension Scheme, 1971)
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App