Provident Fund (PF) is an important savings for private job employees. This is not only a support for their old age but also in the state of emergency. However, when an employee leaves one job and goes to another company, he has to face many difficulties in transferring his PF account. Especially when the service dates of the old and new jobs get a minor overlap.
But now the Employees Provident Fund Organization (EPFO) has taken a big step to overcome this problem related to PF transfer. EPFO has made it clear that from now on, no employee’s PF transfer claim will be rejected due to overlapping in service dates.
What was the problem in PF transfer?
When an employee joins a new job and wants to transfer balance from his old PF account, he has to fill the transfer claim form. This process is done online, but sometimes there is a slight difference or overlap in the service dates of the old and new company, as the dates of one or two days appear together. In such a situation, the PF transfer claim was rejected, which caused a lot of trouble to the employee.
EPFO’s new circular: Now the transfer claim will not be rejected
According to the new circular issued by EPFO recently:
If two companies have overlapping in service dates, the transfer claim will not be rejected.
In such cases the concerned Regional EPFO office has been instructed to carry forward the process without rejecting or returning the claim.
In those cases only in the same cases an explanation will be sought, where the situation of overlapping is truly complex or suspicious.
Employees will get big benefit
This new decision of EPFO will benefit millions of private employees. The process of PF transfer while changing the job will now be more fast, easy and transparent. With this, employees will be able to safely transfer their PF balance to the new company account without any concern.
This step promotes digitalization as well as reflects the reliability and user-centered approach of the EPFO.
How to transfer PF?
Go to EPFO’s Unified Member Portal.
Login with UAN and password.
Go to the ‘Online Services’ tab and choose ‘One Member – One EPF Account (Transfer Request)’.
Fill the information of the old and new company and submit the application through OTP.
conclusion:
To make the PF transfer process easier by EPFO is a welcome step. This will provide relief to crores of employees of private sector and their biggest concern while changing jobs – PF transfer – will now become history.
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