Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Money / Personal Finance/  You don't need to transfer EPF while changing your job from next fiscal
BackBack

You don't need to transfer EPF while changing your job from next fiscal

At present, the subscribers of the EPFO are required to file transfer of EPF claims on changing jobs
  • The subscriber has to file an online claim through the activated UAN to get credits of EPF contributions made during his or her previous job
  • Photo: Sanchit Khanna/ Hindustan TimesPremium
    Photo: Sanchit Khanna/ Hindustan Times

    New Delhi: 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 made automated, according to a labour ministry official.

    At present, the subscribers of the Employees Provident Fund Organisation (EPFO) are required to file transfer of EPF claims on changing jobs despite having universal account number (UAN). The EPFO gets about eight lakh EPF transfer claims every year.

    "The EPFO is testing the automation of EPF transfer on changing jobs on pilot basis. The facility for all subscribers is expected to be launched any time next year," a senior labour ministry official said.

    Also read | How to check your EPF balance online

    The official said, "The EPFO had engaged the C-DAC to study its operating systems to achieve the goal of becoming paperless organisation. At present, 80 per cent of the work is being done online. The automated transfer of EPF on changing jobs is one of the tools to be used to achieve that objective."

    The official explained that the moment the new employer would file the monthly EPF return including the UAN of the new employee, the EPF contributions and interest earned on that would be automatically transferred.

    This will enable the employee to get the credits of his EPF contribution during his previous tenure with old employer into his or her UAN automatically.

    At present after changing job, a subscriber provides his UAN to the new employer, who uses it for depositing his or her EPF contributions. But the UAN account does not reflect the EPF contributions made during the subscriber's previous job and interest accrued on that. The subscriber has to file an online claim through the activated UAN to get credits of EPF contributions made during his or her previous job.

    The official said, "After the automation of the EPF transfer on changing jobs, the subscribers would be benefitted immensely as the UAN would be like a bank account. No matter a subscriber changes place or employer, his or her social security benefits would be accessed through the UAN. That would remain the same throughout his or her life."

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 10 Mar 2019, 03:56 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App