How you can transfer your EPF account; check steps and why you need to do it

When you change your job, you have to go through a whole new process so that the new establishment is reflected in your financial and other transactions. However, that is not the case with Employees' Provident Fund (EPF) account. The regulator EPFO gives one permanent UAN id for every employee, which does not change irrespective of your employment transformation. That said, an employee also has the option to transfer her or his Provident Fund balance and link it with the new salary provider. Take note that every employee has to contribute a minimal portion of their basic salary to EPF. Your employer also contributes to PF account. 

One of the major advantages to why you must transfer your EPF account is that it increases your savings amount on retirement and hence you get higher benefits of pension as well. Also, the longer you maintain your PF account, the more tax rebate you receive. For instance, withdrawal of a PF account within 5 years of continuous service leads to tax rates which you will have to pay to the Income Tax department. 

Here’s how you can transfer PF online:

Firstly, visit the Unified Portal of EPFO aka - https://unifiedportal-mem.epfindia.gov.in/memberinterface/. Login using your UAN number and password. 

Secondly, select the option ‘‘One Member – One EPF Account (Transfer Request)’ under Online Services. It is always advisable to verify your personal information such as Aadhaar number, PAN card, bank account, email address, name and mobile number details. 

On clicking at the option ‘Get details’ you will be able to review PF account details of your previous employment. 

There will be an option given for choosing either your previous employer or the current one for attesting the claim form also based on the availability of authorized signatory holding DSC. You can choose the option previous employer, and provide details of member id or UAN. 

Once done, you get the option of Get OTP in the next step. Click and submit. You will receive an OTP on your registered mobile number at EPFO. Add the digit in the box given on the screen and submit. 

In the next step, you will have to fill up Form 13 by providing details like PF number of both previous and current employer. Download the transfer claim, and submit the physical copy for online transfer to the selected employer within 10 days time. 

Your online EPF account with previous employer will be transferred.