Employee’s PF Account Will Be Transferred Automatically In Case Of Job Change
Now you don’t need to close your PF Account if you are changing your job as Government Of India has come up with an initiative to benefit EPF subscribers. Employee’s PF account will automatically be transferred in case he changes his job / move from one company to another across India.
Earlier if a person quits or join a new organization an employee had to necessarily open a new PF account in that company and transfer application has to be submitted to the new company to transfer the previous balance in the new account.
This was a hassle and many employees used to avoid the process especially when job switching was more frequent. As a result either they used to withdrew the money from the old account or leave it as it is.
As a part of Digital India initiative, Now EPFO introduced a new system ie. Retirement fund body EPFO has introduced a new composite form called Form 11. New joinees can get their PF money auto-transferred.
They are no longer required to file separate EPF transfer claims using Form-13 after changing jobs. It will now be done automatically. Form 11 will replace Form 13 in all cases of auto transfer. This was stated by EPFO in a circular dated September 20, 2017. At present, employees are required to file Form-13 for PF account transfer on changing jobs.
The PF account has already become a permanent account named UAN (Universal Account Number), by providing UAN (Universal Account Number) which is seeded with Aadhaar, bank details and verified, PF number with new composite form (Form 11) then your account will be transferred without any hassle if the worker goes or join or change an organisation anywhere in the country.
EPFO has introduced a new composite form (Form 11) for auto provident transfer while changing jobs.
How PF Auto Transfer process Works Through Composite Declaration Form (Form 11):
If you are changing an organization (joining new company) then you need to fill and submit details to the new employer (company) by filling Composite Declaration Form (F-11) along with basic details, UAN (Universal Account Number), PF number.
Note : if you dont know your UAN (Universal Account Number), PF number then speak to your previous employer to get those details
Now your present employer enters the information (as per Form 11) in the employer’s portal and if the UAN had been seeded with Aadhaar and bank details and had also been verified by the previous employer, it will trigger an auto-transfer process which will transfer the accumulations against the previous PF number to the new one.
An SMS informing the subscriber about the proposed auto-transfer will be sent on his registered mobile number.
Auto transfer will be completed only after the member does not request to stop the proposed auto-transfer (either online, or through employer or at the nearest EPFO office) within 10 days of the SMS.
On transfer of the account, the new employee will be communicated by SMS on his mobile number seeded against the UAN and by e-mail, if registered.
The first contribution by the present employer is deposited and reconciled. Once the funds get transferred to the new PF number, a communication is sent to the employee by mobile and email.
Note : Auto transfer of previous PF account would be possible in respect of Aadhar verified employees only. In case the earlier UAN was not seeded with Aadhaar or UAN was Aadhaar seeded but not verified, the member needs to apply for transfer in Form-13 as the existing procedure for physical transfer would be followed.
Click Here To — > Download EPF Form 11 Online
Offline Process To Transfer Of Employee’s PF Account If Aadhaar number not linked to the PF account
If the Aadhaar number is not linked to the PF account or UAN and the verification is not completed by the previous employer, then the PF transfer will be done offline. The online facility is not available in such cases.
“Here the employee has to fill up Form 13 and submit it to the new employer. Then the employer will submit this application in the EPFO office and the PF will get transferred in due course.
The attestation of both the previous and the new employer is required in an offline transfer. That’s why this process takes a much longer time sometimes.
Click Here To — > Download EPF Form 13 Online
Tags : Employee’s PF Account Transfer, EPFO Account Transfer, PF Account Transfer