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Employers to Get Incentive for Providing UAN to EPFO Subscribers

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The Employees' Provident Fund Organisation has announced an Incentive Refund Scheme that encourages employers to provide Universal Account Numbers (UAN) to all employees, a step aimed at bringing transparency and accountability to the EPF system.
The scheme will enable employers to claim a refund of up to 10% of the administrative charge paid by them in each quarter, provided they qualify for it based on certain criteria.The scheme will be effective from January 1to December 31, 2016, a labour ministry notification said last month.
UAN offers easy portability of PF accounts between employers. It also allows members to view their EPF accounts with current and former employers.
If a company has provided member account details of 80% of its workforce to the retirement fund body and linked 80% of the accounts to Aadhaar as well as 100% to bank accounts and PAN numbers wherever applicable, it will be eligible for a refund of 10%, provided also that it has given UAN to all the members whose details have been furnished with the EPFO.
An establishment that has provided details of at least 60% of employees will be eligible for a refund of 5% on the administrative charge, if 70% of the accounts are linked to Aadhaar and 100% to bank accounts and PAN. The employer also has to provide UAN to at least 60% of its workforce.
The Economic Times, New Delhi, 3rd March 2016

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