Regular contribution is made to the EPF account on behalf of both the employee and the employer.
The UAN number does not remain permanent even when the job is changed. After linking your old account with this number, all the accounts come to the same place. It does not cause loss of interest to you.
However, interest will remain on the EPF account linked to the old job for the next 3 years. To get further interest in this, for this, new and old accounts have to be linked in the Employees Provident Fund Organization (EPFO). By the way, nowadays EPF has introduced the facility of UAN number. This is a number that does not change even when you change jobs. After linking your old account with this number, all the accounts come to the same place.
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In these conditions your account becomes inactive– If the employee does not make the settlement within 36 months after the age of 55 years.
– If the subscriber goes abroad.
– If the EPF member dies.
– Does not make a settlement within 36 months from the date of becoming eligible to withdraw money from the PF after resigning from the job.
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Be the first to activate UAN
A UAN number has been allotted to every member of the EPFO. Usually it is written on your salary slip. To activate it, you have to go to the Unified Member Portal of EPFO. https: // unifiedportal-mem.epfindia.gov.in/ memberinterface. By clicking on this website, you click on the Activate UAN tab. After entering UAN number, name, date of birth and mobile number will have to be entered. In this case, an authorization pin is generated. After inserting this pin, your UAN becomes active.
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This step taken to link two or more old accounts
One has to select One Employee-One EPF account in the Services tab on EPFO website. After clicking on this link, a form will open. The EPF member will have to enter their mobile number here. After this, the UAN and the existing member ID will have to be entered. After inserting these things an OTP will be generated. It has to be authenticated by OTP. Once you enter OTP, the page with the old PF account will start appearing. Once you enter the old PF number and accept the declaration, the request for merger will be accepted on submission. The account can be merged within three days of activating the UAN. To use this facility, it is necessary that the employee’s KYC is updated and the Aadhaar information is given there.
Money of both is deposited in EPF account
Both employees and employees make a regular contribution to the EPF during the employee’s job period. It is 12-12 percent of the basic salary. Similarly, even if you leave the job before the age of retirement, you continue to get interest on deposits in the PF account for a certain time. Currently this interest rate is 8.5 percent.