Changing job? EPFO likely to begin automatic PF amount transfer from September

Employees’ Provident Fund Organisation (EPFO) is likely to come up with an option of automatic transfer of Provident Fund amount in case of change in job. 

According to a DNA report, this service may start from September itself. 

Currently, transferring PF to your new company takes a lot of form filling and many weeks of waiting.  However, now EPFO will start a new scheme which will transfer the amount within three days without filing any application.

Employees contribute to their EPF accounts during their service. When an employee changes employers and moves to a new establishment, there arises the question of withdrawing or transferring their EPF accounts. 

EPF account balances can be transferred from an employee’s old establishment to the new one. This includes the interest earned on contributions to the PF account. Presently, rate of interest is 8.65% per annum. 

You can transfer your EPF account online as well as offline. 

To transfer EPF account balances from past employers to present employers:

1. An employee will have to fill and submit a duly attested Form 13 to his/her past or present employer. The form can be attested by either the past of present employer.

2. As mentioned above under section ‘Form-13’, the form will then have to be submitted to the regional EPF office relevant to the attesting employer. PF contributions from the old account will be transferred to a Trust.

3. The old employer will have to submit Annexure K to the relevant Regional Provident Fund Commissioner (RPFC) or Regional EPF office. Annexure K will indicate the employee’s tenure of service and the pension fund account balances. When Annexure K is received and verified, the PF trust will complete the transfer process through NEFT. The balance from the old account will then be credited to the employee’s new account.

4. In many cases, though, Annexure K is not submitted which means money cannot be credited by the Trust to the new account. There is no way to track this which led to a large number of transfer cases being stalled. For this reason, claim forms and Annexure K were then digitized to facilitate online EPF transfers.

To transfer EPF account balances from past employers to present employers online, an employee will have to go through the EPFO portal/website at www.epfindia.gov.in. 

Eligibility for online transfers can be checked on the same portal by providing the old and new pf account details. You can track your EPF transfer claim status online through the portal. 

ALSO READ:

• Automatic PF transfer to your new job: Here's a minor detail that needs attention
• Beginning next month, your Provident Fund account will automatically be transferred to you new job but you need Aadhaar for it
• Now, transfer, deposit Provident Fund benefits online, says Labour Ministry