The Employees’ Provident Fund Organisation (EPFO) has introduced a seamless process to auto-transfer the employee provident fund balance. With this, an employee need not even have to initiate an online transfer request after switching a job. Just the information has to be furnished to the new employer, which will be uploaded onto the EPFO portal that automatically triggers the transfer process.
Below are the steps to follow for PF transfer, when an employee joins the new organization:
- Fill the details in the ‘Composite Declaration Form (F-11)’.
- Submit it to the new employer.
- As per the details (basic details, previous UAN number, if any, and previous PF number etc.) in Form 11, the employer enters the data into the employer’s portal
- An auto-transfer process will be initiated if the UAN is seeded with Aadhaar and bank details. The subscriber would be informed about the proposed auto-transfer via an SMS.
- Then the accumulations against the previous PF number would be transferred to the new one. Another SMS would be sent after the fund gets transferred.
However, the auto-transfer would be completed only when the:
- The first contribution is deposited and reconciled by the present employer.
- The employee doesn’t request to stop the proposed auto-transfer within 10 days of receiving the SMS.
Hence, for smooth online PF transfer, every employee has to ensure that:
- The UAN is seeded and verified by the employer before job change.
- Sumit Composite Declaration Form (F-11) to the new employer.
Offline Process For PF Transfer:
PF transfer has to be done offline if the UAN is not seeded or the transfer is from or to an exempted organisation. Initiate the process by filling the Form 13.
Thus, this new move can allow the employees concentrate more on their work rather than worrying about the PF transfer. For more personal finance info, approach ArthaYantra – World’s Only Full Service Robo Advisory.