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Along with these services like the Online Pass-Book, SMS services on each deposit of contribution and online KYC updates can be provided based on the UAN, which enables transfer of the balance from one EPF to another. [11] A new (2018) UAN portal allows members to check EPF balances and UAN status, [12] download a UAN EPF passbook, [13] view a ...
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Legally, the EPF is only obligated to provide 2.5% dividends (as per Section 27 of the Employees Provident Fund Act 1991). [8] The EPF claims that the lowered dividend is the result of its decision to invest in low-risk fixed revenue instruments, which produce lower returns but maintains the principal value of its members' contributions.
The unique ID also qualifies as a valid ID while availing various government services such as a LPG connection, a subsidised ration, kerosene from the PDS, or benefits under NSAP or pension schemes, e-sign, a digital locker, [44] a Universal Account Number (UAN) under EPFO, [45] and some other services such as a SIM card or opening a bank account.
To activate the account, the bearer must pay ₹50 as a penalty for each inactive year. He/she must deposit ₹500 each as each inactive year's contribution. In case of the account holder's death, the balance amount will be paid to his nominee or legal heir even before 15 years.
UAN is a solution of urea and ammonium nitrate in water used as a fertilizer. Uan or UAN may also refer to: Adapa, an alternate name for the first of the Mesopotamian seven sages; Autonomous University of Nayarit (in Spanish: Universidad Autónoma de Nayarit), a Mexican public university based in the city of Tepic, Nayarit
The same year the present Karmachari Sanchaya Kosh (KSK), or Employees Provident Fund (EPF) in English, was established under the act as an autonomous provident fund organization. After the establishment of EPF, the erstwhile Sainik Drabya Kosh, Nijamati Provident Fund and Provident Fund Department were merged into the EPF. [ 4 ]
A Universal Payment Identification Code (UPIC) is an identifier (or banking address) for a bank account in the United States used to receive electronic credit payments. [1] A UPIC acts exactly like a US bank account number and protects sensitive banking information.