EPFO Implements Automatic Provident Fund Transfer System: Simplifying Job Transitions

Streamlined Process Promises Hassle-Free PF Balance Transfers for Employees”

The Employees’ Provident Fund Organisation (EPFO) has rolled out a new automatic transfer system for provident fund (PF) balances, aiming to streamline the process for employees switching jobs.

Transitioning between jobs often entails the cumbersome task of transferring PF balances from one employer to another, a process riddled with paperwork and delays. However, with the introduction of the automatic transfer system, this ordeal is set to become a thing of the past.

Under the new system, employees can now witness their PF balances seamlessly transferred to their new employer’s account without any manual intervention. This move is expected to alleviate the hassle and delays associated with manual transfers, ensuring smoother transitions for workers across various employment opportunities.

Who stands to benefit from this new system?

The automatic transfer facility is available to members whose EPF accounts, both old and new, are under the purview of the EPFO. It’s important to note that exempted PF trusts, managing PF contributions for certain companies, are not covered by this mechanism.

For the automatic transfer to proceed smoothly, certain prerequisites must be met. These include ensuring that the UAN (universal account number) and Aadhaar number provided by the new employer match the details stored in the EPFO’s database. Additionally, the Aadhaar number must be seeded and verified against the UAN at the previous place of employment. Details such as the date of joining, date of exit, and reason for exit should also be available from the previous employer, alongside an activated UAN with an operational mobile number associated with it.

Upon commencement of a new job and the receipt of the first month’s PF contribution from the new employer, the automatic transfer is triggered. However, in cases where issues arise, such as mismatched details or pending Aadhaar seeding, employees can resort to Form 13 for manual transfer.

Throughout the process, EPF members receive SMS and email notifications, providing them with updates on the transfer status. It’s crucial for members to verify the completion of the transfer through their passbook on the unified portal. Successful transfers will reflect as credit entries in the latest passbook, ensuring transparency and accountability in the process.

Share this article
0
Share
Shareable URL
Prev Post

Elon Musk’s X Suffers Widespread Outage in India: Users Left in the Dark

Next Post

Ankita-Vikas celebrate 6 years of ‘we met, dated, still not sure how we ended up here‘

Read next
Whatsapp Join