EPFO: When you work in the private sector, you often keep changing jobs in search of career growth or better opportunities. As soon as you join a new company, your new PF (Provident Fund) account is opened there. But it is very important to know that it is very important to transfer your old PF account to the new account while changing jobs. EPFO ​​i.e. Employees Provident Fund Organization has introduced the Universal Account Number (UAN) system to reduce this problem, so that all your PF accounts remain linked under one number. But still many people ignore the process of transferring PF or sometimes there are problems in transfer.

If you have not transferred PF, then you may have to face many big problems. Therefore, giving priority to PF transfer while changing jobs will be beneficial for you.

Big trouble can arise due to different PF accounts

Whenever you want to withdraw money from your PF account, such as for buying a house, children’s education or marriage, then EPFO ​​​​keeps in mind the balance present in your current PF account. Suppose you have three different PF accounts, in which a total of ₹ 16 lakh is deposited, but you have not transferred these accounts. So you will be able to withdraw money only according to the account in which you are currently working. This reduces your withdrawal limit significantly, due to which you are not able to get the full benefit of that money.

If you had merged all your PF accounts together, you could have withdrawn more money. Therefore, it is very important to transfer your old accounts to the new account.

Problem in the final settlement after leaving the job

When you leave the job and stop working completely, then you can withdraw the entire amount of your PF account. But if your accounts are spread across different places and you have not transferred, then EPFO ​​will not approve your claim. Meaning you can be deprived of your entire money. Therefore, get your old accounts merged into the new account as soon as possible so that there is no problem in the final settlement.

Having multiple UAN numbers can increase confusion

Many times people do not give the information of their old UAN number to the new company while joining a new company. In such a situation, the new company issues a new UAN number for you. This creates many UAN numbers for you, which later creates problems in linking KYC and PF account. Due to this, your PF transfer and fund facility can be affected. Therefore, it is very important to give the information of your old UAN number to the new company while changing jobs.

Pension rights can also be affected

Another big disadvantage of not transferring PF is that your pension eligibility can be affected. At least 10 years of continuous service is required to get pension under the Employees’ Pension Scheme (EPS). If you do not transfer your old PF account to the new account, then your service period gets divided into different accounts. In such a situation, you will not be able to get the benefit of pension, even if you have worked for more than 10 years in total. Therefore, it is necessary to transfer PF to get pension.

Keep these things in mind while transferring PF

While transferring PF, you have to keep some special things in mind. First of all, always keep the information of Aadhaar, PAN card and bank account updated on your UAN portal. Because this information makes your PF transfer successful. Apart from this, your old company should have updated the date of leaving your job i.e. ‘Date of Exit’ correctly and timely on the EPFO ​​portal, only then your transfer will be processed. The most important thing is that your Aadhaar number should be linked to your UAN, so that there is no mistake and the transfer can be completed without any hindrance.