EPF trust account: There are 1,375 companies such trusts are working in India which includes many big companies like TCS, Wipro, Hindustan Unilever (HUL), Reliance and Public Sector Organizations (BHEL) like Bharat Heavy Electricals.
EPF trust Account: The salaried person knows how important he is to the Provident Fund. This is the reason that whenever money gets stuck somewhere, worry starts increasing. PF money is also transferred after changing job from one company to another. Everything is done through the online system. But, the matter gets stuck when one’s previous provident fund is linked to a private trust (PF Trust Account). There are many challenges in getting him transferred to the new Provident Fund account i.e. with EPFO. The first challenge is that how to transfer money. Let us understand what is its complete process…
What is Private Trust?
Some companies have created their PF Trust Account to manage the contribution of the employees. These companies capable of doing this get special exemption from EPFO. There are 1,375 companies such trusts are working in India which includes many big companies like TCS, Wipro, Hindustan Unilever (HUL), Reliance and Public Sector Organizations (BHEL) like Bharat Heavy Electricals. It is estimated that there are 50 lakh members (employees) of such trusts. Private PF trusts work according to the same rules as EPFO does. Like EPF, 12% of the employee’s salary is deposited in the PF Trust and the same amount is deposited by the company in the employee’s PF account.
How to transfer from private trust to EPF?
According to EPFO Retired Enforcement Officer Bhanu Pratap Sharma, if you had a private trust in your old company, while PF money is deposited in EFPO in the new company, then you will have to fill Form-13 to transfer it. In this, the information of the old employer will have to be filled, whatever is asked. Along with this, the information of the existing employer will also have to be entered in the form. This form has to be attested by the old employer.
What information would be needed?
- Old and new employer information.
- Your PF account number in the old company.
- All the information including the address of both the employers.
- Bank account information.
Also keep this in mind
Although you are getting the money transferred to the PF account, but you will also have to fill your bank account information in the form. Actually, they are used for your verification. Even though it is not necessary to fill the mobile number in the form, but do fill it so that you can talk to you in case of any problem. Also, send a copy of the Form-13 which you have filled to your old employer.
How to Check PF Trust Balance?
You get a UAN, cannot view your EPF passbook (EPFO Balance) or submit online withdrawal request in case of other PF trusts. You have to either approach the HR of your company or check the contribution on your salary slip.
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