New Delhi: The EPFO frequently introduces new facilities for PF subscribers. When changing jobs, PF funds often end up in different accounts; frequently, the balance from an old job remains idle while contributions from a new job go into a separate PF account. This results in the employee’s PF funds being fragmented across multiple accounts. However, there is no need to worry anymore.
Employees can consolidate their PF funds into a single account, thereby eliminating these issues. This allows the government to pay annual interest on the consolidated PF corpus. The process for consolidating PF funds into one account is simple and hassle-free. To do this, you need to understand a few key points; please read the article below for details.
Important points before transferring PF
Before transferring PF funds, it is crucial to verify whether both your old and new PF accounts are linked to your UAN (Universal Account Number). The UAN serves to link your various PF member IDs into a single account.
Additionally, check your KYC details. It is advisable to rectify any errors or discrepancies in information such as your Aadhaar, bank account details, and PAN before proceeding.
How to transfer PF from the comfort of your home
First, log in to the EPFO Member Portal using your UAN and password.
Navigate to the ‘Online Services’ section.
Select the ‘One Member – One EPF Account’ option.
The process for PF transfer via this option is outlined in the EPFO’s official FAQ section.
Verify the details of both your old PF account and your current PF account.
Select the old account for the transfer and fill in the required information.
Finally, submit the claim online. Under EPFO’s revamped Form 13 system, information regarding a member’s KYC, available PF balance, contributions, transfers, and interest is displayed in a single location, making it easier to verify transfer claim details.
What is Form 13?
Did you know that Form 13 is used for PF transfers? Its purpose is to transfer funds from an old PF account to the current one. The official Form 13 requires details of both the old and current PF accounts. Once the transfer process is complete, information related to the transfer is made available in Annexure-K. EPFO has also effectively integrated Annexure-K into the new Form 13.
How to check the status?
You can easily check the status after initiating a PF transfer. Once the online transfer request has been submitted, you can track the claim status via the ‘Track Claim Status’ option on the EPFO portal. The ‘Member Login’ and online services are available on the official EPFO portal. Therefore, if your PF remains in your previous company’s account after changing jobs, instead of simply leaving it there, you should first verify your UAN and KYC details and, if necessary, submit an online PF transfer request.
