If you’re a salaried employee with a monthly PF deduction, there’s an important update for you! The Employees’ Provident Fund Organisation (EPFO) has simplified the process of transferring your PF account.
Automatic PF Transfers for Job Changes
According to the latest circular from EPFO, you no longer need to fill out forms to transfer your PF account when switching jobs in certain cases. The transfer process will now be automatic.
Previously, transferring a PF account required employer approval. Employees contribute 12% of their basic salary to the EPF, with employers matching the contribution.
Out of the total, 8.33% goes into the EPS (pension), and 3.67% goes into the EPF.
With these changes, millions of subscribers will benefit. From January 15 onward, you won’t need to apply online for PF transfers. Subscribers can initiate the process themselves without employer intervention.
Who Will Benefit from the New Rules?
The new rules apply in these scenarios:
Transfer within the same UAN (issued after 01/10/2017): If your UAN is linked to multiple member IDs and Aadhaar, the transfer will be automatic.
Transfer between different UANs (issued after 01/10/2017): Transfers will work seamlessly if both UANs are linked to the same Aadhaar.
Transfer within the same UAN (issued before 01/10/2017): For older UANs, transfers will work if linked to Aadhaar and your personal details (name, date of birth) match.
Transfer between multiple UANs: Transfers are allowed if both UANs are linked to the same Aadhaar and personal details are consistent.
Steps to Link Your UAN with Aadhaar
To make the transfer process smooth, link your UAN with Aadhaar. Follow these steps:
1) Visit the EPF e-service website and log in with your UAN credentials.
2) Go to the ‘Manage’ menu and select the KYC option.
3) Choose ‘Aadhaar’ and enter your Aadhaar details.
4) Click ‘Save’ to validate your Aadhaar with UIDAI.
5) Once the KYC process is complete, your Aadhaar will be linked to your EPF account.
By linking your UAN to Aadhaar, you ensure an easier and automatic PF transfer process. Take advantage of these changes and make your job transitions stress-free!
