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PF Account Merge Online: People doing private jobs keep changing their jobs from time to time. When changing jobs, a new EPF account is opened for the employee by his employer. However, the old number is used while opening it.
In such a situation, many employees have the misconception that if the UAN is the old one, then their EPF account running with that UAN number will also be the same.
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Whereas this does not happen. With the change of company, your EPF accounts are also opened separately. You can easily merge them by visiting the EPFO website. If you have not done this work yet, then due to this you may have to face many big losses.
How to merge accounts
- First of all, you have to go to EPFO’s member service portal https://unifiedportal-mem.epfindia.gov.in.
- After this, you have to select ‘One Member – One EPF Account- Transfer Request’ under the Online Services section.
- Then you have to verify the personal details and the current employer’s account.
- After this, you have to click on Get Details, after which the list of old employers will open in front of you.
- Here you click on the account you want to transfer.
- OTP will be sent to the mobile number
- Then click on ‘Get OTP’. OTP will come on your registered mobile number, enter it and submit.
- After this your request will be submitted. Your current employer will have to approve it.
- After which EPFO will merge your old account into the new account.
- After some time you can check your merger status.
- Disadvantage of not merging accounts
- The first disadvantage of not merging accounts is that due to opening of a new EPF account, your money lying in the old account is not visible together.
- Apart from this, merging them is also necessary from the point of view of tax saving. When you withdraw money from an EPF account, this limit of five years is considered.
- After five years of contribution, no tax has to be paid on withdrawal of the deposited amount.
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