EPF Money: Employees have been talking about this problem for a long time. Now the Employees Provident Fund Organization (EPFO Update) is going to take a big decision in the interest of employees. From now on, the employees will get the benefits.
Money will reach the new account as soon as you change jobs
Have you ever imagined that as soon as you change jobs, your old PF money will be automatically transferred to your new account without any hassle? Now, this dream is going to become a reality. EPFO is preparing to implement such a system by 2025. Where employees do not have to fill any forms or wait for months. Just by changing jobs, the money will be automatically transferred to the new employer’s account. Everything will happen in just one click. Let’s find out how.
Balance will be automatically transferred as soon as you change jobs
The hassle of transferring PF as soon as you change jobs is going to end. EPFO has introduced a new automatic transfer system, which will be fully implemented by 2025. This means that whenever an employee joins a new job, their old PF balance will be automatically transferred to the new employer’s account. No more forms will be required, no need to visit the old office.
What was the process earlier?
In the previous system, employees had to fill Form 13. The funds were transferred only after verification from both the old and new employers. This entire process took one to two months and often the claims were rejected. According to EPFO, lakhs of claims are pending for a long time every year, which is detrimental to the interests of employees.
Fraud will be eliminated
The new automatic transfer system will now completely eliminate this problem. EPFO says it will benefit over 10 crore employees. According to a senior government official, the system will be completely digital and paperless. This will not only speed up the process but also reduce the chances of fraud by transferring funds based on UAN.
Through this, employees will now get these benefits
1- Time will be saved, as now the transfer will be done automatically within a few days.
2- No need to upload any documents.
3- Interest will continue to accrue, i.e. whether you transfer money or otherwise, your interest will not be lost.
4- At the time of retirement, the entire money will be available in one place, which will make money management easier.
5- Job change will now become easy and secure, especially for private sector employees.
EPFO has said that this system will be fully implemented by the first quarter of 2025. To avoid any problems with the transfer, the company has appealed to all employees to activate their UAN now.
This is how you can activate UAN
The UAN activation process is also very easy. Go to the EPFO Member Portal (https://unifiedportal-mem.epfindia.gov.in) and click on the Activate UAN link. Then, enter your UAN, name, date of birth, Aadhaar number and mobile number. Verify the OTP received on your mobile number and set your login credentials. Once the activation is complete, employees will be able to do all their PF balance, claim status and KYC updates online.
EPFO is now moving towards complete digitalisation of the PF system. PF withdrawals are also expected to be done automatically in the coming months. If an employee’s UAN becomes outdated, they should update it immediately through the app or website to ensure that their retirement funds remain completely safe and connected.
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Avijit
A digital media professional with 4 years of experience, skilled in online content creation, media and information work, his goal is to regularly bring updates on government projects, scholarships and jobs to his readers.
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