Changing Job? Know the procedure to transfer PF online
Gone are the days wherein people use
to be spent all their working years with one organization. Today it’s common to
change company every 3-5 years. In sector like IT the attrition phenomenon is
real and employee change organizations even within a year from joining for
better opportunities. In such scenarios,
what happens to the PF account? There are two options
- Employee’s contribution with interest can be withdrawn if the employee continues to be on break for up to 60 days;
or
- Transfer the balance to the current employer
PF is an effective avenue for
retirement saving. So it is always better and advisable to transfer the PF
balance instead of withdrawing. Also withdrawal of PF within 5 years of
continuous service attracts tax. So this will directly affect your returns of
you are into changing jobs regularly
Earlier transfer of PF was a long and tedious process due to paperwork involved
and physical processing. But now The Employees’ Provident Fund
Organisation (EPFO) have made the process online which have made it far easier
for both employees and employers.
EPFO have introduced Universal
Account Number (UAN) which enables linking of multiple EPF Accounts (Member ID)
allotted to a single member. UAN offers a several of services like dynamically
updated UAN card, updated PF passbook including all transfer-in details, facility
to link previous members’ ID with present ID, etc.
Prerequisites for online Transfers
- The employee should have activated his UAN on the EPF portal
- The employee should have linked his bank details such as the account number
- Aadhaar linkage is done
- The Date of Joining (DoJ) and Date of Exit (DoE) should be mentioned with reason of exit in the portal.
Steps involved
We now know that PF transfer can
be made online and what criteria need to be fulfilled. Let us look at step by
step procedure.
Step 1- Login to the Unified
Member Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/) by entering
your login credentials i.e. UAN and Password.
Step 2 - Click on ‘Online
Services’. A drop down menu will appear; click on ‘One Member-one EPF account
(Transfer Request)
Step 3 - Verify information
Step 4 - Give the details of your Member
ID / previous EPF account.
Step 5 - Send details of previous account
(EPF) for digital attestation either to your current employer or previous
employer. Select appropriate option.
Step 6 - Click on ‘Get OTP’. Once
you do this, an OTP will be sent to your registered mobile number.
Step 7- Enter OTP and submit.
Post submit a tracking ID will be
generated. Employer will digitally approve the PF transfer request by accessing
the unified portal to enable transfer.
Subscriber should submit the physical signed copy of
the online PF transfer claim form to the concerned employer within a period of
10 days.
About Us
We are a neo advisory firm that believes in Goal based investment. We offer advisory services in Mutual Funds and retirement/ Life insurance domain. For any clarification / investment needs call us on +91 9325295502.
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