In order to boost the process of seeding the Universal Account Number (UAN) with KYC (e.g. PAN, bank account details, Aadhar) that enables services from Employees Provident Fund Organisation (EPFO), an ‘Incentive Refund Scheme’ has been launched. The scheme will be in operation for one year beginning from January 1, 2016 to December 31, 2016.
The employers can now claim up to 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:-
Incentive Refund Scheme A: The employers can claim 10% refund of administrative charges by:-
- Providing member’s details as required under Form No. 11 (New) (80% or above)
- (ii) Seeding of all the three i.e. Aadhar (at least 80% of (i) above, bank account (100% of (i) above) and PAN (wherever applicable.
- (iii) UAN activation (100% of (i) above).
Incentive Refund Scheme B: The employer’s can 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 UAN numbers have been allotted by EPFO. Seeding of UAN with KYC details including Aadhar, bank details is a priority area for EPFO.
More than 2.44 crores members have activated their UAN numbers and are able to access enhanced services like downloadable dynamic UAN card, updated details of Provident Fund (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.