EPFO Incentive Scheme - UAN with 100% Seeded KYC

EPFO Incentive Scheme - UAN with 100% Seeded KYC 

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EPFO launches an Incentive Scheme for employers to encourage partnership in allotment of Universal Account Number (UAN) to their employees.

Employers can get refund upto 10% of administrative charges payable to EPFO under a new incentive scheme.

EPFO, Head Office, New Delhi: In order to boost the process of seeding the Universal Account Number (UAN) with KYC (e.g PAN, bank account details, Aadhar) that enables enhanced services from EPFO, an “Incentive Refund Scheme” has been launched.

The Scheme shall be in operation for one year beginning 1st January 2016 to 31st December, 2016.

The employers can now claim upto 10% refund of administrative charges on fulfilling certain criteria relating to UAN in respect of its contributing members. The refund as per the scheme comes in two categories:-

Ø   Incentive Refund Scheme A

Claim 10% refund of administrative charges by:-

(i) Providing member’s details as required under Form No. 11 (New) (80% or above)

(ii) Seeding of all the three i.e AADHAR (atleast 80% of (i) above, bank account (100% of (i) above) and PAN (wherever applicable).

(iii) UAN activation (100% of (i) above)

Ø   Incentive Refund Scheme B

Claim 5% refund of administrative charges by:-

(a) Providing member’s details as required under Form No. 11 (New) (60% or above).

(b) Seeding of all the three i.e AADHAR (70% of (a) above, bank account (80% of (a) above) and PAN (wherever applicable).

(c) UAN activation (60% of (a) above).

Only such establishments that have in each month of the quarter achieved the criteria for qualification can avail the incentive of 5% or 10% by way of refund at the end of every quarter starting from quarter ending March, 2016.

Already 6.38 crore UAN numbers have been allotted by EPFO. Seeding of UAN with KYC details including Aadhar, bank details is a priority area for EPFO. This is being carried out in full swing. More than 2.44 crore members have activated their Universal Account Number and are able to access enhanced services like downloadable dynamic UAN card, updated details of PF accounts, auto trigger of transfer request while changing employment etc. The incentive scheme aims to improve service delivery to those who need the most. It is now possible for employers to submit UAN based claims directly to PF offices, without attestation of the employers.