PF Transfer Process: If you have recently changed the job, then it is very important to transfer balance to the account of the new employer from the Employees Provident Fund (EPF) account of the old employer. This keeps your retirement savings continuously increasing without any hindrance. Employees Provident Fund Organization (EPFO) has provided online facility for PF balance transfer. This has now made this process easier for millions of employees.
Why is PF transfer necessary?
According to EPFO, by transferring PF, your retirement fund remains in one place and provides full benefit of compounding. Also, this is also necessary for the total duration of your service, which is necessary for benefits like pension eligibility and tax free withdrawal after five years.
Online pf transfer process
EPFO has provided a simple online system for PF transfer. Let’s know its step by step process.
What conditions take care of
For PF transfer, it is necessary that the old employer has recorded your date of exit on the portal. If this has not happened, it can be updated with the option ‘Manage> Mark Exit’. Transfer requests can be given only once on the same old PF account.
Claim status and offline options
After the application, the situation of transfer can be seen by going to ‘Track Claim Status’ section. If the process has been done online, there is no need to submit physical form-13.
However, if you have two UANs or you have worked in an exempted establishment (separate PF Trust), it will be necessary to adopt offline process. For this, after filling Form-13, signing the employer will have to be submitted to the regional office.
Benefits of getting PF transfer
According to EPFO, PF transfer increases the benefit of compounding and the corpus increases more rapidly for retirement. The organization has also clarified that withdrawal compared to PF transfer can cause long -term financial disadvantages.
If you have any problem related to transfer rules, eligibility and status, you can visit EPFO’s website www.epfindia.gov.in.