The Provident Fund (PF) account is a retirement financial savings scheme for workers in India.
PF Account Transfer: It is essential to switch your Provident Fund account if you change jobs to make sure the continuity of your financial savings and advantages.
Since the launch of the Universal Account Number, or UAN, the method of transferring PF stability on-line has turn out to be simpler. With the UAN, all of the accounts of the worker stay in a single place, even when the cash is held in numerous accounts. Therefore, it is necessary so that you can share your UAN along with your present employers so the funds might be transferred there.
The Provident Fund (PF) account is a retirement financial savings scheme for workers in India. The Employees’ Provident Fund Organisation (EPFO) is a statutory physique underneath the Ministry of Labour and Employment, Government of India, accountable for managing the PF scheme.
The PF account is a financial savings account the place each the worker and employer make month-to-month contributions in direction of the worker’s retirement fund.
When an worker adjustments jobs, they’ll switch their PF account to the brand new employer to make sure that their accrued stability and curiosity proceed to develop.
Why Is It Important To Transfer PF Account?
It is essential to switch your Provident Fund (PF) account if you change jobs to make sure the continuity of your financial savings and advantages.
When you switch your PF account, your accrued stability and curiosity are transferred to the brand new account. This ensures that your financial savings proceed to develop, and you don’t lose the cash that you’ve got accrued in your earlier job.
By transferring your PF account, you’ll be able to avail advantages resembling pension, withdrawal, and mortgage in opposition to the accrued stability.
There are six simple steps to switch your PF stability on-line.
Step 1: The worker must login to the Unified portal (member interface) of EPFO https://unifiedportal-mem.epfindia.gov.in/memberinterface/ utilizing their credentials that’s UAN quantity and password.
Step 2: As you login, you’ll have to click on on ‘One Member – One EPF Account (Transfer Request)’ which shall be obtainable underneath Online Services.
Step 3: You will then should confirm private data and PF account for current employment.
Step 4: You must click on on ‘Get details’ under to know the main points relating to the PF account of earlier employment.
Step 5: For testifying the declare kind primarily based on the supply of licensed signatory holding DSC, you’ll get choices to decide on both your earlier employer or present employer. You can choose any one of many employers and supply member id/UAN.
Step 6: You will subsequent should click on on the ‘Get OTP’ choice to obtain OTP to UAN registered cellular quantity after which enter the OTP and click on on the submit button.
After finishing the method, the employer will digitally approve your EPF switch request by accessing the employer interface of the unified portal.
You may also should refill Form 13 and obtain the switch declare which shall be in PDF format and submit the bodily signed copy of the net PF switch declare kind to the chosen employer. You can proceed to contribute to your retirement fund after this course of.
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