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 to ensure continuity of your savings and benefits when you change jobs.
The process of transferring PF balance online has become easier since the launch of Universal Account Number or UAN. With UAN, all the accounts of the employee remain in one place, even if the money is in different accounts. Therefore, it is important for you to share your UAN with your current employers so that funds can be transferred there.
Provident Fund (PF) account is a retirement savings scheme for employees in India. Employees’ Provident Fund Organization (EPFO) is a statutory body under the Ministry of Labor and Employment, Government of India, responsible for administering the PF scheme.
PF account is a savings account where both the employee and the employer make monthly contributions towards the retirement fund of the employee.
When an employee changes jobs, he can transfer his PF account to the new employer to ensure that his accumulated balance and interest continue to grow.
Why is it necessary to transfer PF account?
need to transfer Provident Fund (PF) Account when you change jobs to ensure continuity of your savings and benefits.
When you transfer your PF account, your deposit balance and interest gets transferred to the new account. This ensures that your savings keep growing, and that you don’t lose the money you accumulated in your previous job.
By transferring your PF account, you can avail benefits like pension, withdrawal and loan against accumulated balance.
There are six easy steps to transfer your PF balance online.
step 1: The employee has to login to the Unified Portal (Member Interface) of EPFO at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ using his/her credentials i.e. UAN number and password.
step 2: Once logged in, you have to click on ‘One Member – One EPF Account (Transfer Request)’, which will be available under Online Services.
step 3After this you will have to confirm the personal information and PF account for the current employment.
step 4: To know details about PF account of previous employment you need to click on ‘Get details’ below.
step 5You will get the option to choose your previous employer or present employer to attest the claim form, depending on the availability of the authorized signatory holding the DSC. You can select any one employer and provide the Member ID/UAN.
step 6: You need to click on ‘Get OTP’ option to receive OTP on UAN registered mobile number and then enter OTP and click on 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 need to fill 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. After this process you can continue to contribute to your retirement fund.
read all latest business news, tax news And stock market update Here
