As per the most recent information, the Workers’ Provident Fund Group (EPFO) has not too long ago launched a system that streamlines the method of transferring provident fund (EPF) balances throughout transition between jobs.
Earlier, while you (EPF member) be a part of a brand new employer and in case you have contributed to EPF in your earlier employment, it’s a must to submit Type No. 13, for switch of PF from previous EPF account to your new account. EPF by way of web or offline strategies.
Later, EPF had launched, new type 11 which is a one-page declaration type and must be submitted by the worker to his new employer, for automated switch of EPF steadiness.
Associated article : New EPF-11 Composite Return Type for Computerized EPF Switch in Case of Job Change!
Nevertheless, with the brand new automated EPF account switch system, the PF steadiness may be credited to your new employer’s account with out you having to take any motion. There isn’t any must submit a web-based switch software and there’s no must even file Type 11.
Computerized EPF Account Switch: Course of and Stipulations
Under are the eligibility circumstances for automated switch of EPF steadiness in case of job change;
- The automated PF switch facility is offered for members whose EPF accounts are underneath the management of EPFO. (Worker Provident Fund Group) solely.
- The automated switch service just isn’t out there for exempt Provident Trusts.
Your group is usually a Exempted institution or not exempt one. An organization having its personal belief for a provident fund is exempt from registering with the provident fund authorities. So, in case your employer has its personal Belief, your month-to-month contributions are deposited within the Belief and never within the EPFO. (Associated article : How you can test if my employer is depositing EPF quantity in EPFO/Belief?)
- His UAN It should be in ACTIVE standing and the cellular quantity related to it should be operational.
- Your Aadhaar quantity will need to have been seeded and verified with UAN (Common Account Quantity) at your earlier office.
- The UAN and Aadhaar numbers offered by you to your new employer should match the main points out there within the EPFO database.
- Particulars of your earlier employment, equivalent to becoming a member of date, leaving date and cause for leaving, should be out there with the earlier employer.
- If the above stipulations are met, automated PF steadiness switch is activated when the primary month’s PF contribution is acquired out of your new employer.
- As soon as the automated switch begins, you’ll obtain SMS and electronic mail notifications.
- Upon profitable switch of the previous EPF steadiness to your new EPF account, a credit score entry is mirrored in your EPF passbook.
- Please observe that your EPS (Worker Pension Plan) The fund won’t be transferred within the occasion of a change of employment.
In case you face any challenge throughout this switch course of like mismatched particulars or pending Aadhaar seeding, you may submit Type 11 (or) provoke an EPF switch on-line by way of UAN Portal.
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(Publish first revealed on: April 15, 2024)
