As per the newest information, the Workers’ Provident Fund Group (EPFO) has lately launched a system streamlining the method of transferring provident fund (EPF) balances when transitioning between jobs.
Earlier, once you (EPF member) are becoming a member of a brand new employer, and when you’ve got contributed to EPF in your earlier employment then you need to submit Kind No. 13, for PF switch from previous EPF account to you new EPF account by means of on-line or offline strategies.
In a while, EPF had launched, new Kind 11 which is a one web page declaration kind and must be submitted by the worker to his/her new employer, for the automated switch of EPF stability.
Associated article : New EPF Composite Declaration Kind-11 for automated EPF Switch on change of Job!
Nevertheless, with the brand new automated EPF Account switch system, the PF stability will be credited to the your new employer’s account with none motion required from you. There isn’t any have to submit a web based switch request and even submission of Kind 11 can be not required.
Computerized EPF Account Switch : Course of & Stipulations
Under are the eligibility situations for the automated switch of EPF stability on job change;
- The PF Computerized switch facility is offered to members whose EPF account(s) are beneath the purview of the EPFO (Workers Provident Fund Group) solely.
- The automated switch facility is just not out there for the exempted Provident Trusts.
Your Group will be an Exempted institution or Unexempted one. An organization having its personal Belief for provident fund is exempted from getting it self registered with the Provident Fund Authorities. So, in case your employer has their very own Belief then your month-to-month contributions get deposited with the Belief and never with the EPFO. (Associated Article : The right way to examine if my Employer is depositing EPF quantity with EPFO / Belief?)
- Your UAN must be in ACTIVE standing, and the cellular quantity related to it must be operational.
- Your Aadhaar quantity should have been seeded and verified towards the UAN (Common Account Quantity) at your earlier place of employment.
- The UAN and Aadhaar numbers offered by you together with your new employer ought to match with the small print out there within the EPFO’s database.
- Your earlier employment particulars reminiscent of date of becoming a member of, date of exit, and cause for exit must be out there from the earlier employer.
- If the above conditions are met, the automated PF stability switch will get triggered when the primary month’s PF contribution is obtained out of your new employer.
- As soon as the automated switch is initiated, you’ll obtain SMS and e-mail notification(s).
- On profitable switch of earlier EPF stability to your new EPF account, a credit score entry will get mirrored in your EPF passbook.
- Kindly notice that your EPS (Workers Pension Scheme) fund wont get transferred on change of employment.
In case you face any problem throughout this switch course of, reminiscent of mismatched particulars or pending Aadhaar seeding, you possibly can submit Kind 11 (or) provoke a web based EPF switch by means of UAN Portal.
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(Publish first printed on : 15-Apr-2024)
