Introduction
Provident Fund (PF) is a retirement savings scheme introduced in India by the Employees' Provident Funds and Miscellaneous Provisions Act in 1952. Managed by the Ministry of Labour and Employment, Government of India, and is a mandatory savings scheme for most employees in India.
What is Provident Fund (PF)?
Under the PF scheme, the employer and the employee contribute a certain percentage of the employee's salary towards the fund, earning interest over time. The Provident Fund scheme aims to promote long-term savings habits and provide a stable source of income for employees after their retirement.
The funds can also be withdrawn in emergencies such as medical emergencies, housing loans, education, etc. The scheme has been a popular investment option among the working population in India due to its tax benefits and guaranteed returns.
What is the Difference Between PF & EPF?
PF is a savings scheme where the employee and the employer contribute a portion of the employee's salary. EPF, or Employee Provident Fund, is a specific type of PF offered to employees in India and managed by the Employees' Provident Fund Organization (EPFO).
Why Transfer your PF?
Here are two major reasons why one might consider transferring their PF account:
1. Job change: When employees change jobs, they may have the option to transfer their PF account balance from their previous employer's account to their new employer's account. This helps to consolidate their savings and avoid opening a new PF account.
2. Consolidation of accounts: If an individual has multiple PF accounts due to changing jobs frequently, they may consider transferring their balances into a single account for ease of management and to avoid losing track of any previous savings.
How to Use UAN to Transfer PF Online?
The Universal Account Number (UAN) is a unique identification number assigned by the EPFO to each employee contributing to the Provident Fund. The UAN acts as a single point of contact for all PF-related services and transactions.
Here are the significant ways in which UAN number is important for transferring PF online:
● Online PF services: The UAN is mandatory for availing of online PF services such as transfer, withdrawal, and checking PF balance.
● Security: UAN ensures the security of the employee's PF account as it is linked to their Aadhaar number and is accessible only with the UAN password.
● Transparency: UAN ensures transparency in the Provident Fund transfer process, as it provides a unique identification number that can be used to track the status of the transfer request.
In addition to the UAN number, some documents are necessary to transfer the Provident Fund account online.
Documents Required for Transferring the PF Online
To transfer your Provident Fund (PF) online, you will need the following documents, including your UAN number:
1. Form 13: A transfer request form must be filled out and submitted to the EPFO to transfer your PF account balance from your previous employer's account to your current employer's account. Make sure to fill out this form accurately and completely.
2. Aadhaar card: Aadhaar Card is a unique identification card issued by the government of India. It is required to authenticate your identity and to link your PF account to your Aadhaar details.
3. PAN card: Permanent Account Number (PAN) card is a ten-digit unique identification number issued by the Income Tax Department. It is required to verify your tax-related information.
4. Bank account details: You must provide the bank account details of the account to where you want to transfer the funds.
5. Previous employer details: You need to provide the details of your previous employer, such as the name of the employer, the establishment code, and the PF account number.
Ensure to keep all the required documents ready before initiating the transfer process to ensure a smooth and hassle-free experience.
Procedure to Transfer PF Online
Here are the following steps for Provident Fund transfer online:
Step 1: Log in to the EPFO website using your Universal Account Number (UAN) and password.
Step 2: Under the 'Online Services' tab, select 'One Member - One EPF Account (Transfer Request)'.
Step 3: Check your eligibility to transfer the PF balance to another account.
Step 4: Fill in the details of your previous employer, including the employer's name, PF account number, and the state where it is registered.
Step 5: Confirm the details of your previous employer and the PF account number.
Step 6: Fill in the details of your current employer, including the employer's name, PF account number, and the state where it is registered.
Step 7: Confirm the details of your current employer and the PF account number.
Step 8: Check all the details entered in the form and click the 'Get OTP' button.
Step 9: Enter the OTP received on your registered mobile number.
Step 10: Click on the 'Submit' button to initiate the transfer request.
A tracking ID will be generated for your transfer request, which you can use to check the transfer status. Once the transfer is initiated, the PF balance should reflect in your current employer's account within a few days.
Frequently Asked Questions
You can edit details such as the father's name, date of birth, date of joining, and date of exit as available in the EPFO database by logging in to your UAN account and updating the details.
Do I require to take a printout of the claim submitted and give it to the employer after signing it?
There is no need to take a printout of the claim submitted and give it to the employer after signing it, as the process is entirely online.
You can check the status of your online claim by logging in to your UAN account on the EPFO portal and clicking on the “Track Claim Status” option under the “Online Services” tab.