The Employees Provident Fund Organisation (EPFO) has extended the deadline for UAN activation and seeding of bank accounts to Aadhaar to avail the benefits under the ELI (Employment Linked Incentive) scheme to January 15.
The earlier deadline for this was December 15 and the provident fund body has now issued a circular dated December 20 to announce the extension of the deadline to January 15, 2024. Prior to this, the deadline was set at November 30.
What is UAN activation?
It is the process of registering or activating a universal account number (UAN) to access EPFO services online. A UAN is a 12-digit number which the EPFO issues to eligible employees.
Activating UAN is necessary to use any EPF-related online service such as withdrawing EPF online, checking EPF balance and updating contact details.
Seeding of bank account with Aadhaar
A bank account needs to be linked to Aadhaar so that whenever money is disbursed by the EPFO, it is directly transferred to the bank account linked to it.
To avail the benefits of any direct benefit transfer (DBT) scheme, the bank account of the beneficiary is supposed to be seeded with Aadhaar so that the benefits can be directly transferred to the beneficiary’s bank account, the circular had mentioned.
Employment-linked incentive scheme
Notably, UAN activation and Aadhaar seeding in each employee’s bank account are imperative for availing the benefits of the ELI scheme announced in the Union Budget 2024-25.
In another development, the EPFO extended the final date to submit the wage details for pensions on higher wages to January 31 next year.
“A final opportunity is being given to the employers till 31.01.2025 to ensure that employers process and upload these pending Applications for Validation of Option / Joint Options,” the EPFO said in a statement.
Recently, the EPFO has announced plans to allow employees to access their provident fund (PF) claim amounts directly through e-wallets. Currently, employees have to rely on the EPFO portal to receive their PF funds online. The settled funds are transferred to the linked bank account within 7–10 days, after which the funds can be withdrawn via ATM or bank.