Employees Provident Fund (EPF) is a savings tool that gives guaranteed tax-free returns. Are you an EPF member and have switched jobs? If so, ensure that you transfer your old EPF balance to the new account with the current employer. When you change jobs, the new employer opens a new EPF account, though the Universal Account Number (UAN) remains the same. The government introduced the EPF scheme in 1952 as a mandatory saving scheme, in which both employees and employers have to contribute regularly. Under the scheme, the government allowed some companies to set up their own private PF trusts and manage them in-house. In case your company has its own private PF trust, then in that case online transfer is not possible.
Here is a step-by-step procedure on how to transfer balance from previous employer to new employer online
1) Login to your EPF account online with your UAN and password.
2) Go to the 'Online Services'
3) From drop-down menu select 'One Member – One EPF Account Transfer Request'.
4) Re-enter your UAN or the old EPF member ID and your account details will be displayed.
5) Select whether you would like your current or previous employer to validate the transfer.
6) Now select the old account and generate a one-time password (OTP).
7) Once you enter the OTP, a request will be sent to your employer to process the transfer online.
8) One can check the status of the EPF transfer claim under the 'Track Claim Status' menu, which is under the 'Online Services' menu.
9) To transfer offline, fill up Form 13 and submit it to your old or current employer.
10) Using EPFO's online facility, members can also apply for PF final settlement, pension withdrawal benefit and PF partial withdrawal.
New Agency PTI had earlier reported citing a labour ministry official that subscribers of retirement fund body EPFO would not require to file employee provident fund (EPF) transfer claims on changing jobs from the next fiscal as the process would be automated. At present, EPFO subscribers are required to file transfer of EPF claims on changing jobs despite having a UAN.
12% of your basic salary and dearness allowance is contributed by the employer and another 12% is deducted by the employer from your salary and added to your EPF account.