If you are a salaried employee and have a PF deduction every month, this update is important for you. The process of transferring your PF account has been made simpler by EPFO (Employees’ Provident Fund Organisation).
As per the latest circular from EPFO, if you change jobs in certain situations, you won’t need to fill any forms to transfer your PF account from your old company to the new one. The transfer process will now be automatic.
Key Changes in the PF Transfer Process
Previously, approval from the employer was required to transfer the PF account. In the private sector, 12% of an employee’s basic salary is deducted for the EPF account, with the same amount being contributed by the employer.
Out of the total contribution, 8.33% goes into the EPS (pension), and the remaining 3.67% is deposited into the EPF.
With the new changes by EPFO, millions of subscribers will benefit. According to the circular issued on January 15, you no longer need to apply online from the old or new company to transfer your PF account. Instead, subscribers can now initiate the transfer themselves.
Who Will Benefit from the New Rule?
The EPFO circular applies to the following cases:
Transfer within the same UAN (issued after 01/10/2017): If the UAN is linked to multiple member IDs and Aadhaar, the transfer will be automatic.
Transfer between different UANs (both issued after 01/10/2017): If both UANs are linked to the same Aadhaar, the transfer will be smooth and hassle-free.
Transfer within the same UAN (issued before 01/10/2017): For older UANs, PF transfer will work if the UAN is linked to Aadhaar and personal details like name and date of birth match.
Transfer between multiple UANs: If both UANs are linked to the same Aadhaar and personal details match, transfers will be allowed even between different UANs.
Steps to Link UAN with Aadhaar
To ensure smooth transfer, you need to link your UAN to Aadhaar. Here’s how to do it:
1) Go to the EPF e-service website and log in using your UAN credentials.
2) Under the ‘Manage’ menu, click on the KYC option.
3) Select ‘Aadhaar’ and enter your Aadhaar details.
4) Click on the ‘Save’ option to validate your Aadhaar using UIDAI data.
5) Once the KYC process is complete, your Aadhaar will be successfully linked to your EPF account.
By following these steps, your PF account transfer will become much easier and more automatic!
