EPFO: Big news for EPFO members. When changing jobs and withdrawing your PF, it is essential to consider not only your EPF balance but also the significance of the Employee Pension Scheme (EPS) associated with your account. Many individuals tend to withdraw their PF balance when switching jobs and overlook their previous account, which can lead to the loss of pensionable service records. Failing to transfer this record during a job change may impact your future pension benefits.

EPFO Members Should Alert

EPF and EPS are integral components of the same social security system, each serving distinct purposes. While EPF funds and their accrued interest are earmarked for retirement, EPS maintains a record of your pension-eligible service duration. Thus, accurately transferring this record upon changing jobs is crucial for ensuring seamless pension benefits in the future.

Reasons why the EPS record is vital after PF withdrawal:

1. Withdrawing PF funds does not terminate your EPF service period, necessitating the inclusion of pensionable service from previous employment into your new EPF account.
2. Pension eligibility under EPS is contingent on your total eligible service period, with a minimum of 10 years typically required to qualify for a monthly EPS pension. Incorrect recording of service durations from various jobs may render your pension record incomplete.

Can EPS service be transferred retroactively?

If you have already withdrawn your entire PF balance and later realize that your previous EPS service has not been transferred, you can rectify this by linking the old service record to your new account using Form 13 in accordance with EPFO guidelines.

Common mistakes to avoid during EPS transfer:

1. Ensure your personal details in UAN are accurate and up to date.
2. Verify that there are no errors in the KYC information.
3. Confirm that your name and other essential details match in both old and new employment records.
4. Double-check the accuracy of the Date of Exit from your previous job.
5. Thoroughly review your service record before submitting Form 13.

Updating the Date of Exit in EPFO:

To correct an incorrect or outdated Date of Exit from your previous job:

1. Log in to the EPFO member portal using your UAN and password.
2. Navigate to the Manage section and select the Mark Exit option.
3. Review the pertinent PF account and job details.
4. Input the correct reason for leaving the job and the accurate Date of Exit.
5. Submit the request after completing Aadhaar-based OTP verification.