As per the latest news, the Employees’ Provident Fund Organization (EPFO) has recently introduced a system streamlining the process of transferring provident fund (EPF) balances when transitioning between jobs.
Earlier, when you (EPF member) are joining a new employer, and if you have contributed to EPF in your previous employment then you have to submit Form No. 13, for PF transfer from old EPF account to you new EPF account through online or offline methods.
Later on, EPF had introduced, new Form 11 which is a one page declaration form and needs to be submitted by the employee to his/her new employer, for the automatic transfer of EPF balance.
Related article : New EPF Composite Declaration Form-11 for automatic EPF Transfer on change of Job!
However, with the new automatic EPF Account transfer system, the PF balance can be credited to the your new employer’s account without any action required from you. There is no need to submit an online transfer request and even submission of Form 11 is also not required.
Automatic EPF Account Transfer : Process & Prerequisites
Below are the eligibility conditions for the automatic transfer of EPF balance on job change;
- The PF Automatic transfer facility is available to members whose EPF account(s) are under the purview of the EPFO (Employees Provident Fund Organization) only.
- The automatic transfer facility is not available for the exempted Provident Trusts.
Your Organization can be an Exempted establishment or Unexempted one. A company having its own Trust for provident fund is exempted from getting it self registered with the Provident Fund Authorities. So, if your employer has their own Trust then your monthly contributions get deposited with the Trust and not with the EPFO. (Related Article : How to check if my Employer is depositing EPF amount with EPFO / Trust?)
- Your UAN should be in ACTIVE status, and the mobile number associated with it should be operational.
- Your Aadhaar number must have been seeded and verified against the UAN (Universal Account Number) at your previous place of employment.
- The UAN and Aadhaar numbers provided by you with your new employer should match with the details available in the EPFO’s database.
- Your previous employment details such as date of joining, date of exit, and reason for exit should be available from the previous employer.
- If the above prerequisites are met, the automatic PF balance transfer gets triggered when the first month’s PF contribution is received from your new employer.
- Once the automatic transfer is initiated, you will receive SMS and email notification(s).
- On successful transfer of previous EPF balance to your new EPF account, a credit entry gets reflected in your EPF passbook.
- Kindly note that your EPS (Employees Pension Scheme) fund wont get transferred on change of employment.
In case you face any issue during this transfer process, such as mismatched details or pending Aadhaar seeding, you can submit Form 11 (or) initiate an online EPF transfer through UAN Portal.
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(Post first published on : 15-Apr-2024)
