Unprecedented relief news for employees! Now, there’s no need to fill out forms or wait for manual verification for EPF transfers upon job change. The Employees’ Provident Fund Organization (EPFO) has launched a revolutionary automatic transfer system, which will be fully implemented by 2025. Under this state-of-the-art system, the PF balances of millions of employees will be automatically transferred directly to their new employer’s account without any paperwork, making job changes extremely simple.
New EPF Transfer Rules
The Employees’ Provident Fund Organization (EPFO) has significantly simplified the process of transferring a PF account upon job change. In most cases, you no longer need to submit a transfer claim online through either the old or new employer.
Under the new rules, when a member leaves one organization and joins another, the requirement for employer approval for a PF transfer claim is no longer required. This simplified process sends claims directly to the EPFO, significantly reducing the time taken to process a member’s claim.
This unprecedented reform has also reduced employee complaints and the rate of claim rejections due to technical errors. Large employers, who previously faced a heavy burden in approving such transfers, have also benefited the most from this streamlined system.
EPF Transfers Now Completed in Just 5 Days
Previously, when employees changed jobs, they had to fill out Form 13, which required verification from both the old and new employers. This complex process often took one to two months, and many claims were rejected due to technical errors or loss of interest.
EPFO data shows that millions of claims remain pending each year. The new automated transfer system will completely resolve all these issues. Now, EPF transfers will be successfully completed within three to five days, making the process faster and completely hassle-free for employees.
5 Biggest Benefits of EPF Transfer
This automated system will provide employees with several significant benefits, both financially and administratively:
Transfers will now be completed in a matter of days instead of months, eliminating long waits.
The system processes transfers automatically, eliminating the need to upload any documents.
Interest on the EPF balance will continue to accrue during the transfer period, eliminating any financial loss.
At the time of retirement, the entire amount will be available in a single account, making the withdrawal process significantly simpler.
Changing jobs, especially in the private sector, has become easier and more convenient than ever before.