As per the newest 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, once you (EPF member) are becoming a member of a brand new employer, and when you have contributed to EPF in your earlier employment then it’s important to submit Type No. 13, for PF switch from previous EPF account to you new EPF account via on-line or offline strategies.
Afterward, EPF had launched, new Type 11 which is a one web page declaration kind and must be submitted by the worker to his/her new employer, for the automated switch of EPF steadiness.
Associated article : New EPF Composite Declaration Type-11 for automated EPF Switch on change of Job!
Nonetheless, with the brand new automated EPF Account switch system, the PF steadiness could be credited to the your new employer’s account with none motion required from you. There isn’t any have to submit a web based switch request and even submission of Type 11 can be not required.
Automated EPF Account Switch : Course of & Conditions
Under are the eligibility circumstances for the automated switch of EPF steadiness on job change;
- The PF Automated switch facility is obtainable to members whose EPF account(s) are underneath the purview of the EPFO (Staff Provident Fund Group) solely.
- The automated switch facility just isn’t out there for the exempted Provident Trusts.
Your Group could 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 : How one can test if my Employer is depositing EPF quantity with EPFO / Belief?)
- Your UAN needs to be in ACTIVE standing, and the cellular quantity related to it needs to be operational.
- Your Aadhaar quantity will need to have been seeded and verified towards the UAN (Common Account Quantity) at your earlier place of employment.
- The UAN and Aadhaar numbers supplied by you along with your new employer ought to match with the small print out there within the EPFO’s database.
- Your earlier employment particulars resembling date of becoming a member of, date of exit, and motive for exit needs to be out there from the earlier employer.
- If the above stipulations are met, the automated PF steadiness switch will get triggered when the primary month’s PF contribution is acquired 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 steadiness to your new EPF account, a credit score entry will get mirrored in your EPF passbook.
- Kindly notice that your EPS (Staff Pension Scheme) fund wont get transferred on change of employment.
In case you face any difficulty throughout this switch course of, resembling mismatched particulars or pending Aadhaar seeding, you’ll be able to submit Type 11 (or) provoke a web based EPF switch via UAN Portal.
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(Put up first revealed on : 15-Apr-2024)