provident

New Delhi. If you are changing the job and you have to transfer your PF account, then there is no problem in it. Due to online transfer facility of Employees Provident Fund Organization (EPFO), it has become even easier to transfer your Employees Provident Fund (EPF) balance while changing jobs. Through this facility, employees can transfer their provident fund balance to the new employer without any interruption, which keeps their retirement saving safe. This process helps in collecting the retirement corpus and also gets the benefit of compounding in it. In addition, this service preserves history, which is important for pension eligibility and prevents unnecessary tax cuts on quick withdrawal. Also, it is relaxed to know that your financial future is safe while changing the job.

How does PF transfer?
EPFO has made the PF transfer process easier with the online system available on its member portal. Members have to ensure that their universal account number (UAN) is active and link to Aadhaar, bank account and mobile number. After logging in with UAN and passwords, users can submit the transfer request through the ‘One Member-One EPF account’ service. In this system, users have to confirm their individual and employment details, select an employer for a claim attesion and certify the procedure with the OTP sent to the registered mobile number.

This easy process not only saves your time, but also hard work. When an Employee goes from one company to another, the exit date is updated in the system by the third employers. This can be done on the EPFO portal through ‘Manage> Mark EXIT’ option. It is also important to keep in mind that only one transfer can be resolved against a previous PF account.

Check claim status
EPFO also gives its users a facility to track claim status. If the transfer has been processed online, then there is no need to submit physical form 13. However, if many Uans or exempted institutions include employment, Form 13 may be required with offline manual process. This ensures that all circumstances can be covered, so that many jobs are flexibility for history.