EPF Account Transfer: If you are changing your job, you can easily transfer your PF account to the new employer. This process has now become even easier online. If you are transferring it online, there is no need to fill and submit Form 13 physically.
EPF Account Transfer: Often employees are worried about transferring PF money when they change their job. But now this facility has become much easier. The Employees’ Provident Fund Organization (EPFO) provides the facility of online transfer. Through this service, employees can easily transfer their PF balance to the new company without affecting their retirement savings.
Due to this process, you get the benefit of compound interest and your deposit grows rapidly. Apart from this, it also saves from unnecessary deductions, which are applicable under the pension rules. It also keeps your financial future secure when you change your job. EPFO has simplified the PF transfer process through the online system available on its portal.
How to transfer the account online
The Universal Account Number (UAN) of the members should be active and linked to their Aadhaar, bank account and mobile number.
Login to the EPFO member portal (unifiedportal-mem.epfindia.gov.in/memberinterface/) with your UAN and password.
Now users can request transfer through the ‘One Member One PF Account’ service.
In this system, users will have to verify their personal and employment details. For verification of the claim, the employer will have to be selected and the process will have to be authenticated through the OTP sent to your registered mobile number.
You can then fill and submit Form 13, after which your PF account will be transferred.
This process reduces the time and effort required earlier for transfer, making this process a preferred option for many employees.
EPFO Account Transfer Rules
It is worth noting that for successful transfer of PF, the previous employers have to update the date of exit in the system. This can be done through the ‘Manage > Mark Exit’ option on the EPFO portal. It is important to note that only one transfer request can be made for the previous PF account.
EPFO ensures that the status of the claim should be checked and if the transfer is done online, there is no need to submit Form 13 physically. However, in cases of employment with multiple UANs or in exempted establishments, an offline manual process with Form 13 may be required.
EPFO emphasizes on linking PF accounts to one account to enhance long-term benefits. According to the organization, transferring the PF account instead of withdrawing it gives the member the benefit of compound interest, which helps in increasing the amount faster.
What are the benefits of having one account?
Account transfer not only helps the retirement fund grow faster, but the employee also gets benefits like tax savings. By maintaining a single account, employees can keep a better track of their savings growth and make informed decisions about their financial future.
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