The EPFO has made transferring PF balances easier for people who move jobs. Members with the EPFO can now choose from two online forms to transfer their PF account from one employer to a new one, and this will give them the same retirement savings but not the paperwork.
The new online system is built to make transfer more seamless, transparent and convenient. The employees are encouraged to transfer their PF balance instead of withdrawing it; this keeps an uninterrupted service history and keeps retirement savings earning interest.
Method 1: Transfer Through EPFO Member Portal.
This is the most commonly used method and can be completed entirely online.
Step 1: Go to EPFO Member e-Sewa portal and sign in with your UAN, password and captcha.
Step 2: Go to 'Online Services' and click on 'One Member – One EPF Account (Transfer Request)'.
Step 3: Check my personal information -namely your current employer's and PF account details.
Step 4: Choose if you want your previous employer or current employer to approve the transfer request, depending on eligibility.
Step 5: Authenticate with the One-Time Password (OTP) sent to your Aadhaar-linked mobile number.
Step 6: Submit the request. EPFO is going to complete the transfer when the employer agrees and the PF balance will be credited to your account.
Method 2: Auto Transfer Facility
EPFO also has an automatic PF transfer facility for eligible members.
Under this system, PF balance can be transferred automatically when an employee joins a new organisation if certain conditions are met.
The employee's UAN must be active. Aadhaar must be linked and verified. Personal details should match across EPFO records. The previous and current employers should have updated the exit and joining details correctly.
If all of the details are verified, the PF balance can be transferred online without a separate online transfer request, which is much easier to process.
Transferring PF instead of Withdrawing
Transferring the PF balance has several long-term advantages:
Your retirement savings still earn EPF interest. Your total years of service are uninterrupted as well, and that is crucial for pension eligibility. It prevents tax consequences from prematurely withdrawing. There’s no need for you to make a UAN if you open one PF account if you are working from one job and the job change. What are some things to keep in mind in a single PF account you have to keep in mind?
Before starting a transfer, employees should be sure that their Aadhaar, PAN, bank account and mobile numbers are well connected to their UAN. The previous employer has to update the employee's date of exit in EPFO records as well. Any mismatch in personal information will delay the transfer process.
Members can track the status of their transfer request by logging in to the EPFO portal and checking the 'Track Claim Status' section.
EPFO has made it easier for employees to transfer retirement savings with the two options. The digital process reduces paperwork, improves efficiency and ensures that the Provident Fund accumulations remain secure and continue growing throughout an employee’s career.
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