The Provident Fund (PF) account is a retirement savings scheme for employees in India.
PF Account Transfer: It is important to transfer your Provident Fund account when you change jobs to ensure the continuity of your savings and benefits.
Since the launch of the Universal Account Number, or UAN, the process of transferring PF balance online has become easier. With the UAN, all the accounts of the employee remain in one place, even if the money is held in different accounts. Therefore, it is important for you to share your UAN with your current employers so the funds can be transferred there.
The Provident Fund (PF) account is a retirement savings scheme for employees in India. The Employees’ Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, Government of India, responsible for managing the PF scheme.
The PF account is a savings account where both the employee and employer make monthly contributions towards the employee’s retirement fund.
When an employee changes jobs, they can transfer their PF account to the new employer to ensure that their accumulated balance and interest continue to grow.
Why Is It Important To Transfer PF Account?
It is important to transfer your Provident Fund (PF) account when you change jobs to ensure the continuity of your savings and benefits.
When you transfer your PF account, your accumulated balance and interest are transferred to the new account. This ensures that your savings continue to grow, and you do not lose the money that you have accumulated in your previous job.
By transferring your PF account, you can avail benefits such as pension, withdrawal, and loan against the accumulated balance.
There are six easy steps to transfer your PF balance online.
Step 1: The employee needs to login to the Unified portal (member interface) of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/ using their credentials that is UAN number and password.
Step 2: As you login, you will have to click on ‘One Member – One EPF Account (Transfer Request)’ which will be available under Online Services.
Step 3: You will then have to verify personal information and PF account for present employment.
Step 4: You will have to click on ‘Get details’ below to know the details regarding the PF account of previous employment.
Step 5: For attesting the claim form based on the availability of authorized signatory holding DSC, you will get options to choose either your previous employer or current employer. You can select any one of the employers and provide member id/UAN.
Step 6: You will next have to click on the ‘Get OTP’ option to receive OTP to UAN registered mobile number and then enter the OTP and click on the submit button.
After completing the process, the employer will digitally approve your EPF transfer request by accessing the employer interface of the unified portal.
You will also have to fill up Form 13 and download the transfer claim which will be in PDF format and submit the physical signed copy of the online PF transfer claim form to the selected employer. You can continue to contribute to your retirement fund after this process.
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