Actually, the retirement fund body EPFO ​​has simplified the process of transferring PF account when changing jobs. Now in most cases there will be no need to take approval from the employer. This information was given in an official statement on Friday.

Ministry of Labor and Employment gave information

The Ministry of Labor and Employment said that till now, two Employees Provident Fund (EPF) offices were involved in the transfer of Provident Fund (PF) deposits. One of these was the source office, from where the PF amount was transferred and the other was the destination office, where the amount was finally deposited. However, now with the aim of making this process more simple, EPFO ​​has eliminated the need for approval of all transfer claims at the destination office by introducing a revised Form-13 software system.

What is the detail

Now, once the transfer claim is approved at the source office, the previous account will be automatically transferred to the member’s current account at the next office, thereby serving the purpose of facilitating EPFO ​​members. This revised system also provides for bifurcation of taxable and non-taxable components of PF accumulations, thereby facilitating accurate calculation of TDS (tax deduction at source) on taxable PF interest.

The ministry said this is expected to benefit over 1.25 crore members, enabling transfer of about Rs 90,000 crore every year, as the entire transfer process will be expedited. In addition, a facility has been introduced to create multiple UANs simultaneously based on member ID and other available member information for instant credit of funds to members’ accounts.

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According to the circular issued by EPFO, in some special cases, if you have to change your job, then you will not have to fill any form to transfer PF account from your old or new company. This work will be completely automatic.

12% cut on basic salary

Let us tell you that till now, approval from the employer is necessary to transfer the PF account. Let us tell you that 12 percent of the basic salary of people working in the private sector is deducted for the EPF account. The same amount is deposited by the company in the PF account of the employee. Out of the money deposited by the employer, 8.33% is deposited in EPS (pension), the remaining 3.67% is deposited in EPF.

Crores of subscribers will benefit

Crores of subscribers will benefit from the changes made by EPFO ​​for account transfer. According to the circular issued by EPFO ​​on January 15, there will be no need to apply online from the old or new company to transfer the PF account. Now subscribers can themselves claim to transfer their account. Let us tell you which subscribers will benefit from EPFO’s circular?

• Transfer within UAN issued on or after 01/10/2017. If the same UAN is linked to multiple member IDs and linked to Aadhaar.
• Transfer between different UANs, both issued on or after 01/10/2017. If an employee has multiple UANs linked to the same Aadhaar, the system considers them as a single individual, allowing seamless transfer without any interference from the employer.
• Transfer within same UAN (UAN issued before 01/10/2017) For old UANs, PF transfer works only if the UAN is linked to Aadhaar and the name, date of birth (DOB) etc. details in the member ID match.
• Transfer between different UANs: Transfer between multiple UANs (one old) is allowed if both UANs are linked to the same Aadhaar and personal details (name, DOB, gender) match.

How to link UAN with Aadhaar

• First of all go to the e-service website and log in to your EPF account using UAN login credentials.
•  Now click on the KYC option under the ‘Manage’ menu.
• Select Aadhaar and enter your Aadhaar details.
•  Now click on the save option.
• Your Aadhaar will be validated using UIDAI data.
• Now after the completion of KYC, Aadhaar will be linked to the EPF account.

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