KYC or Know-Your-Customer is the process of verifying the identity of your customers. When the EPFO states for updating of KYC details, it is to include the verification of its members or subscribers. The verification can be done using documents such as PAN, Aadhar Card etc.
For the employer:
- The employer is to get the declaration from new joining employees as Form 11 and upload it in the UAN portal.
- Form 11 is used for declaration of an employee for both provident fund and pension scheme.
- The Form 11 declaration is to be taken from employees who are not eligible for PF as well. This will be for the official record purpose and can be shown in the case of any inspection.
- For a new employee joining the organization, there are two possibilities:
- The new member does not have any previous PF membership: In this case, the employer has to identify the new member for the allotment of Universal Account Number(UAN) by the EPFO.
- If the new member has a previous PF membership: In this case, the current member ID has to be linked with his UAN. Also, a request will be automatically generated for the transfer. This auto request generation is possible if the details seeded with the UAN has the approval of the current employer using his digital signature.
- The employer should circulate the UAN to all the members.
- The employer should get the UAN activated by his employees within 15 days of the circulation.
- Update the KYC of the members within one month of receipt of UAN to enable them the services.
- The link to employers login.
Points to be noted in relation with KYC:
- It has to be ensured that KYC seeding and UAN activation has to be completed for all the existing, contributing members.
- Capture and upload date of exit in the following cases:
- If the UAN is issued but not activated OR
- If KYC digital authentication is partial or incomplete OR
- If contribution is not being received
- Offices must use the dashboard provided in the MIS portal to constantly monitor progress. This portal shows the following:
- Currently contributing members
- Their UAN allotment and its activation
- The KYC seeding details.
- The dashboard is updated on a daily basis.
- The due month status is changed on the 20th of every month. This means the dashboard as on 21st of the month contains data of the previous month which is being paid for the current month.
- E.g. : The dashboard as on 21-02-2016 contains data of “due month” January 2015 paid in February 2016.