TomorrowMakers

PF account transfers have become simpler since the UAN's introduction. Now, even when the money is kept in many accounts, all employee accounts are kept in one place.

PF account transfers have become simpler

What is Employee Provident Fund or EPF?

Employee Provident Fund (EPF) also known as Provident Fund (PF) is a programme designed to give all paid employees a financial benefit upon retirement. The Employee Provident Fund Organization of India keeps an eye on the procedure. Any company with more than 20 members is supposed to enter with the EPFO. 

In this procedure, a sum is taken out of their monthly pay and deposited into their EPF account. When an employee retires, the money that was put into their EPF account is given to them. Based on the guidelines established by the EPFO, you will earn a certain amount of interest(was 8.1% for FY 2021-22) on this sum. Along with the interest, the amount you receive is tax-free.

Want to learn about the PF in detail, click here.

What are the rules of EPF scheme?

According to the EPF scheme's rules, if a member has left a job and is not already employed by another firm (to which the EPF Act applies), he may withdraw his EPF investment from the fund. However, incase you've already begun a new job, you won't be able to withdraw your PF accumulation. Instead, you can get it transferred to your new employer.

The collected amount in your PF Fund will be viewed as a withdrawal because you have less than five years on the job with your former employer. Therefore, it is wise to transfer the remaining money to the new employer along with the PF Trust.

Click here to know how to withdraw PF online? 

Steps to transfer EPF online:

  • Utilize your UAN and password to log in to the online EPFO site.
  • Choose the option "Transfer request" under the "online services" item under the home page's main menu.
  • You can now see a page with your personal information open.
  • Make sure your EPF number, birth date, and other information are accurate; otherwise, your claim won't be processed.
  • After you have confirmed your personal information, you must submit your request form for authentication by either choosing your present employer or your prior employer.
  • Clicking the "get details" tab would bring up information about your EPF account with the former company.
  • An OTP will be produced and sent to your registered cellphone number once you have entered your employer's information and clicked "Submit."
  • After receiving the OTP, enter it in the field provided and press the "submit" button to complete the authentication.
  • Within 10 days of filing the request on the portal, you can now send a self-attested duplicate of your digital EPF transfer request to the employer you've chosen.
  • The EPF will be moved to your new account with the present employer once it has been approved by the employer.
  • Using your EPFO member login ID, you may also check the progress of your PF transfer online by selecting the Track claim status tab in the online services selection on the EPFO website.

Read More: Factors to ne considered before withdrawing from PF savings account 

Disclaimer: This article is for general information and should not be construed as insurance, investment, tax, or legal advice. You should separately obtain independent advice when making decisions in these areas.

What is Employee Provident Fund or EPF?

Employee Provident Fund (EPF) also known as Provident Fund (PF) is a programme designed to give all paid employees a financial benefit upon retirement. The Employee Provident Fund Organization of India keeps an eye on the procedure. Any company with more than 20 members is supposed to enter with the EPFO. 

In this procedure, a sum is taken out of their monthly pay and deposited into their EPF account. When an employee retires, the money that was put into their EPF account is given to them. Based on the guidelines established by the EPFO, you will earn a certain amount of interest(was 8.1% for FY 2021-22) on this sum. Along with the interest, the amount you receive is tax-free.

Want to learn about the PF in detail, click here.

What are the rules of EPF scheme?

According to the EPF scheme's rules, if a member has left a job and is not already employed by another firm (to which the EPF Act applies), he may withdraw his EPF investment from the fund. However, incase you've already begun a new job, you won't be able to withdraw your PF accumulation. Instead, you can get it transferred to your new employer.

The collected amount in your PF Fund will be viewed as a withdrawal because you have less than five years on the job with your former employer. Therefore, it is wise to transfer the remaining money to the new employer along with the PF Trust.

Click here to know how to withdraw PF online? 

Steps to transfer EPF online:

  • Utilize your UAN and password to log in to the online EPFO site.
  • Choose the option "Transfer request" under the "online services" item under the home page's main menu.
  • You can now see a page with your personal information open.
  • Make sure your EPF number, birth date, and other information are accurate; otherwise, your claim won't be processed.
  • After you have confirmed your personal information, you must submit your request form for authentication by either choosing your present employer or your prior employer.
  • Clicking the "get details" tab would bring up information about your EPF account with the former company.
  • An OTP will be produced and sent to your registered cellphone number once you have entered your employer's information and clicked "Submit."
  • After receiving the OTP, enter it in the field provided and press the "submit" button to complete the authentication.
  • Within 10 days of filing the request on the portal, you can now send a self-attested duplicate of your digital EPF transfer request to the employer you've chosen.
  • The EPF will be moved to your new account with the present employer once it has been approved by the employer.
  • Using your EPFO member login ID, you may also check the progress of your PF transfer online by selecting the Track claim status tab in the online services selection on the EPFO website.

Read More: Factors to ne considered before withdrawing from PF savings account 

Disclaimer: This article is for general information and should not be construed as insurance, investment, tax, or legal advice. You should separately obtain independent advice when making decisions in these areas.