People working in the private sector keep changing the company. They resign from one company and join jobs in another company. This directly affects their EPF account. They have to transfer their EPF money from one company to another. There is a fixed process for this. The problem occurs when the company manages the employees’ money through its PF Trusts. Many big companies do this. She manages the PF Contributions of the Employees herself, while the pension component (EPS) sends EPFOs.
Need to take precautions in companies with exhaogampted trends
If you work in a company whose own Pf If there is a trust, then you have to be very careful in transfer of PF money. Its process is slightly complicated. In this, a small mistake can cause you a big loss. Companies of their PF Trusts are called AGPAPTED Trust. On changing the job of the employee, the PF of the PF of the Exgpted Trust Employee transfers the entire money to the EPFO. This single lump sum transaction is called ‘acubleted funds’. The company also transfers service data every month separately to ensure that there is no break in the contribution in PF. In most cases, the system recreates both properly.
Date of birth may have a big problem by mistake
However, in one case the Employment Original Date of Joining (Doj) could not accidentally upload. With this, EPFO’s system understood the transfer date of the transfer. This ended the 15 -year service period of the employee from the record. A small mistake affected the eligibility of the employee’s pension, the transfer of contribution and the withdrawal claim. This requires a lesson from the case. The wrong date of birth can cause a big problem. Due to this mistake, the benefit of EPS pension was affected, because at least 10 years of service period is necessary for this. Second, the application of PF withdrawal or transfer may be rejected. Experts say that caution is very important in the case of PF transfer.
Also read: Income Tax Return: Will the refund money come to the account soon after filing income tax returns?
Get the need fixed if the death of birth is wrong
In view of such cases, EPFO has made the process of change in the date of birth easier. The employee should check all its details properly on the EPFO website. If a date is wrong, then the process of fixing it should start. If personal information is wrong, there may be a big problem at the time of claim. Experts say that first check your EPF passbook. It is also necessary to check your birth date, pension states and history history.