Good news for EPF holders: Ensure automatic PF transfer when you change job
New Delhi : For long time, employees who generally switch job have to face problems in transfer of provident fund money from previous company to the new one. But after some days, the PF transfer process will be less troublesome. The Automatic PF transfer will happen once the employee joins a new organisation. After changing jobs, one need not apply for PF Transfer and neither one will have to be worried about the PF Transfer status.
PTI claims that the labour ministry is considering the aforesaid mechansim wherein the subscribers of PF would not require registering employee provident fund (EPF) transfer claims on changing jobs from the next financial year.
Earlier in November 2017, the EPFO had circulated a note to all its zonal and regional offices to initiate an auto-transfer process for PF claims. The EPFO had also formulated a revised procedure for auto transfer of PF accounts that will ensure PF transfer online through the Unified Portal.
Automatic PF transfer: Online process
To ensure that the process is automatic, it is important that the new employee fills up the Composite Declaration Form (F-11) and enter the details including the UAN and the previous PF number.
Once the new employer uploads this data on to the employer's portal and the first month's contribution is put into the employees PF by the new employer, the auto-transfer process will get triggered, the employee will get communicated through SMS after the transfer goes through.
However, to ensure successful transfer of provident fund saving, an employee needs to ensure that his Aadhaar and bank details are seeded and verified by the previous employer before shifting jobs. As per the Unified Portal website of EPFO, seeded Aadhaar against activated UAN is mandatory for online claim submission. The website says 'Members with authenticated Aadhaar and bank details seeded against their UAN can now submit their PF Withdrawal/Settlement/Transfer claims online'.