EPF account can be transferred automatically…..
EPF Automatic Account Transfer: Employees’ Provident Fund Organization (EPFO) offers its members a convenient solution while changing jobs: automatic transfer Of epf account, Despite its usefulness, this feature remains relatively unknown.
Automated transfers simplify the process, according to an ET report EPF members changing jobsWhich enables them to seamlessly transfer their PF balance without the need for online or offline transfer requests. The transfer from the old employer to the new employer occurs automatically, freeing members from the hassle of managing the transfer themselves.
INDUSLAW partner Vaibhav Bhardwaj said that EPFO’s automatic epf account transfer Operational since 2017.
Does every EPF member have access to the Automatic Transfer service?
However, it is important to note that not all EPF members have access to the automatic transfer facility from the old employer to the new employer. It is available only to those whose EPF accounts are managed by EPFO. This automatic transfer option does not include exempted PF trusts.
Gupta explains that if the previous or current company operates a private provident fund trust, the auto-transfer facility will not work. A private PF trust oversees the provident fund contributions of employees within the concerned company instead of EPFO. However, it still has to follow EPFO rules.
Bhardwaj says EPF members transferring their old EPF account to the new EPF account, whether from EPF to an exempted trust or vice versa, or between exempted trusts, should apply for the transfer online or offline using Form 13. Must apply.
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Requirements for automatic EPF transfer
EPFO has prescribed specific requirements for automatic EPF account transfer from old to new employers. These conditions outlined in the November 2017 circular include:
(i) Matching the UAN and Aadhaar numbers provided by the new employer with the existing details in the UAN.
(ii) Aadhaar number of the EPF member should be linked and verified with the UAN at his/her previous place of work.
(iii) Availability of details of the EPF member such as date of joining, date of exit and reason for exit from the old employer.
(iv) Activation of EPF member’s UAN with the registered mobile number.
Bhardwaj further explains that when an employee starts a new job and receives his first month’s provident fund contribution from the new employer, an automatic transfer is activated. This triggers the transfer of the EPF member’s previous provident fund dues to their new account.
Once the process is initiated, an SMS and email notification informs the member about the initiation of the auto transfer.
Sandeep Aggarwal, director and co-founder, TeamLease RegTech, said that for automatic transfer claims, there is no need to submit Form 13. However, if the automatic transfer does not occur within the specified time due to issues such as mismatch of exit dates. In case the exit dates have not been updated by the previous employer, member details are mismatched, or UAN Aadhaar seeding is pending, the member can opt for online Form 13 to transfer the EPF and EPS accumulation from the previous employer to the present employer.
Verify if automatic EPF transfer is successful or not
Once the EPF member receives SMS and email notifications regarding auto transfer of his EPF account, he should verify whether the transfer has been successful or not.
Puneet Gupta, Partner, People Advisory Services EY India, explains that the auto transfer process will be finalized only if the member does not request to stop it within 10 days of receiving the notification, online, through the employer, or at the nearest Does. EPFO office. Additionally, the transfer will be completed once the first contribution from the new employer is deposited and matched.
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automatic epf transfer Follows the same process as manual requests. Experts suggest that the automatic transfer may take 2-3 weeks to complete.
Sandeep Aggarwal says members can confirm the transfer by checking their passbooks. By logging into the integrated portal and navigating to ‘View Passbook’, members can view the credit entry if their PF has been transferred successfully.
EPF members can stop automatic EPF account transfer
EPF members have the option to stop automatic transfers if they wish. They can do this within 10 days of receiving the SMS notification about initiation of auto transfer. This can be done online through the member e-seva portal or offline through your current employer or by visiting the nearest EPFO office.
Gupta mentions the steps to stop automatic transfers online:
1. Login to EPFO member portal.
2. Go to the “Online Services” tab and select “Track Claim Status”.
3. Select the “Stop Automatic Claim Cases” option.
If the auto transfer request has been triggered, it will appear under “Stop auto-initiated claim cases” providing the option to stop the transfer. After stopping the EPF transfer, the member will receive communication through SMS on the mobile number linked to the UAN and the registered email address.