Managing an EPF account is one of the most common challenges employees encounter when changing jobs. Therefore, several questions pop up in their minds, like, 'What will happen with the current Employees' Provident Fund (EPF) account? Do I need to get a new UAN? Should I withdraw the EPF balance? Read the article to get all the answers with helpful information.
The Provident Fund or Employee Provident Fund is a long-term investment scheme that offers financial security to employed individuals during their retirement. During their working period, the employer deducts a certain amount from the salaried employee's basic salary and Dearness allowance and deposits it to the PF account.
Now, there is a UAN (Universal Account Number), a unique number generally assigned to the individual PF holder. You can manage your account online through this unique number, which won't change even after switching jobs.
You can withdraw the amount and the interest earned on EPF two months after your last working day. The best part of transferring the PF account is getting tax-free interest with the full amount.
It means the continuity of PF contribution won't be hampered if you transfer the balance to a new account right after you join a new company. It is worth noting that other individuals cannot use your UAN and gain pension benefits from it.
The digital approval of PF transfer is easy and less time-consuming. You need to follow a few simple steps. Here are the steps that you must follow:
Step 1: First, the employer must log in to the UAN Member e-Sewa Portal with the UAN and the password.
Step 2: Select the 'Online Services' option and click on the 'PF transfer request' from the drop-down menu.
Step 3: After that, you must enter all the necessary details, including your previous Member ID or account number. Select the person to whom you wish to send the details for the digital attestation.
Step 4: You will receive an OTP on your registered mobile number to verify all your given credentials.
Step 5: Then, you will get a tracking ID which you can use to keep track of your raised request. After that, you must submit a copy of your online transfer request with self-attestation within 10 days in PDF format.
Now that you know the online transfer process, it is always good to know another process of PF transfer. So, here is how you can do it offline.
Step 1: Visit your company's HR or Payroll department within two months after the resignation and carry a chequebook to submit crossed cheque.
Step 2: You must fill Formsout 10C and 19 with the authorised signatory.
Step 3: After submitting the form with the correct details, the HR department will forward the form to the regional office via authorised agents.
Step 4: The employer will contact you via phone or email if your request gets approved. If they approve, you will get the lump-sum payment you made or contribute to the previous PF account.
You must transfer the amount of your previous PF account when changing jobs. It is mandatory to avoid future adverse consequences preventing you from getting retirement benefits. Therefore, you must do it after checking the eligibility criteria and the online and offline processes we mentioned. If you're wondering how to manage your savings account, Fi & Federal Bank has covered you with a digital savings account.
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Yes, of course. It is a very simple and less time-taking process. However, you must first initiate the process with the transfer claim. Then, if you are eligible, you must go to the e-sewa portal and submit your application with the proper credentials.
Yes, the employee must submit Form 13 to transfer the PF account from one to another when changing jobs. Once your application gets approved, you must submit the form with your previous or new employer within 10 days of claiming the request.