PF Transfer: All employed people in the country have a PF account, which works like a savings account in a way. 12% of your salary is deposited in it and the company also contributes the same amount. The government also pays interest on this deposit, and if needed, you can also withdraw money from the PF account on different occasions.
But, after changing jobs, it is very important to take care of some special things related to the PF account, otherwise, you may have to face problems later. Come, let’s know what are those things to which you should pay special attention.
Care of PF account when changing jobs
When you move from one job to another, managing the PF account can be a bit complicated. You can avoid any trouble by paying attention to these 5 important points:
Transfer the old PF account to a new company
When changing jobs, it is very important to transfer your old PF account to the account of the new company. If you have only one Universal Account Number (UAN) and it is linked to your Aadhaar, then you will not face any problem in transfer.
Provided your previous company has updated the ‘Date of Exit’ correctly. In such a case, your remaining PF balance is automatically transferred to the new company account. This process ensures that your entire savings remain concentrated in one place and you continue to earn interest on it.
Correct update of ‘Date of Exit’ is very important
This is one of the most important points! If your previous employer i.e. company has not updated the ‘Date of Exit’ correctly, then your PF balance will not be transferred automatically. In such a situation, you will have to do this process manually, which can take both time and effort. Therefore, ensure that your ‘Date of Exit’ is updated correctly and on time from your old company. You can also check it yourself on your UAN portal.
Always keep the bank account updated with the PF account
Your bank account should always be updated in your PF account. Make sure that the bank account number, IFSC code, and other details are correct. If your bank details are incorrect or outdated, there may be a problem with PF withdrawal or transfer. Any payment by the Provident Fund Organization comes directly to this linked bank account of yours, so its accuracy is extremely important.
Keep all your details updated and keep checking the passbook
Always keep all your personal information, such as name, date of birth, address, mobile number, and email ID, updated in your PF account. If any information is incorrect, you may face problems while making claims or availing of other services. Also, keep checking your PF passbook online at regular intervals. This will keep you informed about your deposits, interest, and withdrawals and help identify any discrepancies in time.
If there are two UANs, merge them
This is a common problem faced by many employees who change jobs. If you have two Universal Account Numbers (UAN) (which is often the case due to having different PF accounts in previous companies), it becomes extremely easy to merge them into one.
Having two UANs can create confusion and hamper the PF withdrawal or transfer process. Merging them into one will simplify your PF management and allow you to track your entire PF savings from one place.
You can get it merged by visiting the UAN portal or by contacting the regional office of the EPFO. By keeping these things in mind, you can avoid any potential PF-related hassles while changing jobs and keep your hard-earned money safe.