As per the most recent information, the Staff’ Provident Fund Group (EPFO) has just lately launched a system streamlining the method of transferring provident fund (EPF) balances when transitioning between jobs.
Earlier, whenever you (EPF member) are becoming a member of a brand new employer, and if in case you have contributed to EPF in your earlier employment then you must submit Kind No. 13, for PF switch from previous EPF account to you new EPF account by on-line or offline strategies.
In a while, EPF had launched, new Kind 11 which is a one web page declaration type and must be submitted by the worker to his/her new employer, for the automated switch of EPF stability.
Associated article : New EPF Composite Declaration Kind-11 for automated EPF Switch on change of Job!
Nonetheless, with the brand new automated EPF Account switch system, the PF stability may be credited to the your new employer’s account with none motion required from you. There isn’t any have to submit an internet switch request and even submission of Kind 11 can be not required.
Automated EPF Account Switch : Course of & Conditions
Under are the eligibility situations for the automated switch of EPF stability on job change;
- The PF Automated switch facility is on the market to members whose EPF account(s) are beneath the purview of the EPFO (Staff Provident Fund Group) solely.
- The automated switch facility shouldn’t be out there for the exempted Provident Trusts.
Your Group may be an Exempted institution or Unexempted one. An organization having its personal Belief for provident fund is exempted from getting it self registered with the Provident Fund Authorities. So, in case your employer has their very own Belief then your month-to-month contributions get deposited with the Belief and never with the EPFO. (Associated Article : Learn how to examine if my Employer is depositing EPF quantity with EPFO / Belief?)
- Your UAN must be in ACTIVE standing, and the cell quantity related to it must be operational.
- Your Aadhaar quantity should have been seeded and verified in opposition to the UAN (Common Account Quantity) at your earlier place of employment.
- The UAN and Aadhaar numbers offered by you along with your new employer ought to match with the main points out there within the EPFO’s database.
- Your earlier employment particulars corresponding to date of becoming a member of, date of exit, and cause for exit must be out there from the earlier employer.
- If the above conditions are met, the automated PF stability switch will get triggered when the primary month’s PF contribution is obtained out of your new employer.
- As soon as the automated switch is initiated, you’ll obtain SMS and e-mail notification(s).
- On profitable switch of earlier EPF stability to your new EPF account, a credit score entry will get mirrored in your EPF passbook.
- Kindly observe that your EPS (Staff Pension Scheme) fund wont get transferred on change of employment.
In case you face any subject throughout this switch course of, corresponding to mismatched particulars or pending Aadhaar seeding, you’ll be able to submit Kind 11 (or) provoke an internet EPF switch by UAN Portal.
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(Publish first printed on : 15-Apr-2024)
