India

Aadhaar seeding to eliminate multiple PF accounts

20 Jan 2018 | By Shiladitya Ray
Eliminating multiple PF accounts though Aadhaar seeding

The Employees Provident Fund Organization (EPFO) said today that it would be able to eliminate multiple account numbers of one individual once the Aadhaar seeding is complete.

While seeding was made mandatory for generating a Universal Account Number (UAN) from 1st July 2017, seeding is currently being carried out for old account holders.

Aadhaar seeding will also offer employees certain advantages.

In context: Eliminating multiple PF accounts though Aadhaar seeding

20 Jan 2018Aadhaar seeding to eliminate multiple PF accounts

The problem of multiple PF accounts

Multiple PF accounts are quite the problem in West Bengal for instance. According to Regional PF Commission Navendu Rai, there are 26 lakh contributing members but 70 lakh accounts - an average of three accounts per person.
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How Aadhaar seeding is advantageous for employees

Aadhaar seedingHow Aadhaar seeding is advantageous for employees

In addition to eliminating multiple account registered to one individual, Aadhaar seeding and bank account linking would enable employees to manage their accounts remotely for claim settlements.

Moreover, employees will not have to transfer their PF account to new employers as account transfers will happen seamlessly and automatically once Aadhaar seeding is complete.