On July 12 July 2023, EPFO announced a new facility allowing employees to update their exit date online after changing jobs on the website. In the past, only employers had the ability to enter an employee's exit date. This is a significant development, making it easier for people to manage their EPF accounts and ensure their records are up-to-date.
Why is it Important to Update Your Exit Date on the EPFO Website?
There are several reasons why updating your exit date on the EPFO website is essential.
First, it ensures that your EPF account is accurate and up-to-date. If your records are not accurate, it can lead to problems in the future when you try to withdraw funds or transfer your balance to a new employer.
Second, it helps you avoid any penalties or fines that may be imposed if your records are not accurate. The EPFO can impose penalties on you if your records are inaccurate, so it is important to keep them up-to-date.
Finally, transferring your EPF balance to your new employer makes it easier to transfer when you change jobs. The transfer process will be smoother and faster if your records are accurate and up-to-date.
How to Update Your Exit Date on the EPF Portal?
The process of updating your exit date on the EPF portal is straightforward. Here is a step-by-step guide:
Choose the appropriate PF account number from the dropdown list.
Enter the Date of Exit and Reason for exit.
Request an OTP by clicking.
Enter the OTP received on your mobile.
Select the checkbox, click 'Update,' and then confirm by clicking 'OK.'
Here’s a video tutorial of the same:
Points to Remember
It is important to note that the exit date can be updated only after two months of leaving the service. The system checks this condition by verifying whether your employer has made any contribution in the last two months.
If the employer has made no contribution, only then you can update the Date of Exit in the PF UAN portal.
In conclusion, the ability to update your exit date online is a significant development that makes it easier for EPF subscribers to manage their accounts and ensure that their records are accurate and up-to-date.
If you have changed jobs recently, update your exit date on the EPFO website to avoid any penalties or fines and simplify the process of transferring your EPF balance to your new employer.
Frequently Asked Questions
1. What is the date of exit on the EPFO website?
The exit date is the last working day of an employee in an organisation.
2. How to add the date of exit in EPFO?
The EPFO now has provisions where the employees can add the exit date on the website. The step-by-step guide to doing the same is given above. Watch this video for a detailed walk-through of adding the exit date in EPFO.
3. Can I withdraw my PF (provident fund) without an exit date?
The exit date is required to be filled in when withdrawing your PF.
Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.