n NISM Certifications
X NISM Series X
Medium

Earlier the process of transferring EPF corpus from one employer to another was cumbersome, but it has now been simplified due to a specific development. Which of the following has facilitated this change?

Practice question from NISM Series XB- Investment Adviser (Level 2) Mock Test 6 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    High Court order

  2. Introduction of UAN online system

    Correct answer

  3. C

    Introduction of PRAN online system

  4. D

    Employees becoming more aware and tech savvy

Why this is the answer

The Universal Account Number (UAN) is a unique 12-digit identifier assigned to every EPF contributor, which has streamlined the transfer process. With UAN in place, employees can now transfer their EPF accounts online seamlessly, reducing the previous complexities associated with the transfer process.

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