EPFO Update: If you are a salaried employee planning to join another company, this news is crucial for you. When an employee changes jobs, their PF funds can be moved to the new company, though the transfer is not mandatory; often, the PF money remains with the old company while contributions from the new job start accumulating in a separate account.
Consequently, if you have worked for multiple companies, your PF funds might be scattered across different accounts. The good news is that EPFO’s online facility allows you to transfer the balance from your old PF account to the new one. Before you initiate the transfer, ensure that both your old and new PF accounts link to your Universal Account Number (UAN).
The UAN links your various PF member IDs to a single account. Additionally, verify your KYC details; it is advisable to rectify any errors or omissions in information such as your Aadhaar, bank account details, and PAN beforehand.
How to transfer PF from the comfort of your home:
First, log in to the EPFO member portal using your UAN and password. Next, navigate to the ‘Online Services’ section. Here, you will find the ‘One Member – One EPF Account’ option; the EPFO’s official FAQs outline the PF transfer process using this specific option. Afterward, verify the details associated with both your old and new PF accounts.
To proceed with the transfer, select the old account, fill in the required information, and submit the claim online. The current EPFO Form 13 system consolidates information regarding the member’s KYC, available PF balance, contributions, transfers, and interest, making it easier to review transfer claim details.
What is Form 13?
Form 13 is used for PF transfers. Its primary objective is to transfer the balance from an old PF account to the current one. The official Form 13 requires details regarding both the old and current PF accounts. Once the transfer process is complete, ‘Annexure-K’ provides details of the transfer. The EPFO has incorporated Annexure-K into the new Form 13, allowing for the disclosure of both taxable and non-taxable components of the fund.
What are the benefits of PF transfer?
Transferring funds from an old PF account to your current account—rather than leaving them scattered—keeps your PF records organised. This simplifies the process of handling claims or withdrawals in the future, as you do not have to manage multiple old accounts separately. However, please note that a PF transfer does not automatically guarantee pension eligibility or tax benefits; these depend on specific rules and your individual eligibility.
How to check the status after the transfer
After submitting an online transfer request, you can track the status of your claim with the ‘Track Claim Status’ option on the EPFO portal. Member login and online services are available on the official EPFO portal. Therefore, if your PF remains in your previous employer’s account after a job change, instead of simply leaving it there, you should verify your UAN and KYC details and submit an online PF transfer request if necessary.