The One Employee-One EPF account is a scheme launched to enable employees to consolidate their old PF accounts. On 1st May 2016, the EPFO has launched new facility honouring the labour day. The new facility of One Employee-One account will help employees to consolidate all the past PF accounts. Employees can do this by transferring their PF money from the previous PF accounts to the current EPF account which is linked to UAN. The new scheme will not only consolidate the PF accounts but will also make life easy for employees with multiple PF accounts. Employee can also create account in EPF members portal login.
Out of the 150 million PF accounts, only 40 million accounts are active. Around 90 million accounts are inoperative PF accounts and balance are just on the verge of being inoperative. Employees provident fund is a long term economic security scheme. Employees need to hold a single account that can be kept active until retirement. The scheme of one employee-one time will also help EPFO to de-duplicate the multiple EPF accounts. A lots of hassles will be eliminated for the EPFO authorities as well employees.
The centralization of the PF balance status will solve all these problems for the PF offices. Once this scheme is implemented, the accounts will be centralized. Employees will not need to transfer their accounts every time they change job. This scheme will centralize all the EPF offices across country.
How to make your PF account One Employee-One
First of all, you need to activate UAN. This means linking your PF with the UAN. Along with a UAN number which is with lifetime validity, you will also get a alphanumeric PF number. The first two entries will indicate the regional PF office. The next entries will be the employer’s code and employee’s account number.
Visit epfindia.com and go to the employees section under services option. You will find option of one employee-one PF account at the bottom. Type your UAN number, registered mobile number, and PF account number to see your UAN status. You will get a onetime password. Once you fill up all the information and submit, all your details and PF account number will go to the regional PF offices. Just inform your UAN whenever you change job instead of transferring account.