EPFO: There’s significant news for employees. They no longer have to wait long to transfer their Provident Fund (PF) balance to a new account after a job change. The Employees’ Provident Fund Organization (EPFO) is making this process completely digital and faster through its new software system, EPFO ​​3.0. This system will feature core banking features, allowing PF transfers to be completed within 3 to 7 working days.

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Transfers will be faster with the EPFO ​​3.0 system

According to the EPFO, testing of the new system has been completed, and the new process will begin as soon as it is implemented. Initially, the maximum PF transfer period will be 7 days, but there are plans to reduce it to 1 day. In the future, there are also plans to implement a real-time transfer system, which will ensure that PF funds reach the new account immediately or within 24 hours.

Why is a PF transfer necessary when changing jobs?

According to EPFO ​​rules, it is mandatory to transfer the balance from an old PF account to a new account upon changing jobs. If the account remains inactive for three years, interest on it stops accruing. Millions of inactive accounts across the country haven’t been transferred on time. The current process is lengthy and time-consuming as it requires verification from both the old and new employers.

The new system will identify individuals through Aadhaar and UAN

According to EPFO’s plan, by February 2026, PF balances can be easily transferred to a new account using Aadhaar number and Universal Account Number (UAN). This process will be automatic once KYC verification is complete. Under the core banking system, EPFO ​​will already have information about an employee’s old balance and when they started their new job. This will reduce both time and documentation complexity.

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Employees will benefit from digital transfers

The PF transfer process will be fully automated once the new system is implemented. Now, employees will no longer have to wait for weeks after applying. Furthermore, all transfer-related information will be available through an online portal and app. This will increase transparency and reduce the likelihood of errors.