Employee Provident Fund Organization (EPFO) has introduced automatic PF transfer process. Which will be very useful for all EPF subscribers. Earlier EPF members need to fill EPF transfer form 13 or they have to use online EPF transfer claim portal for PF transfer. Now there is no need to do those things. The automatic EPF transfer process will be effective from 20 September 2017.
EPFO Introduced Automatic PF Transfer Process
As we all know there are so many EPF transfer cases are pending at employers, this is happening due to the negligence of employers or lack of guidance to employees. Whenever an employee changes a job then he or she can able to apply for PF transfer. But in majority cases, members of EPF are applying for PF withdrawals. This is taking away the benefits of this social security scheme from EPF members.
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EPF is a retirement benefits scheme that is going to help employees when they retire from their jobs. But due to lack of proper guidance EPF members are withdrawing PF and pension amounts whenever they change their jobs. So in order to stop premature withdrawals of PF and pension amounts the Employee Provident Fund Of Organization is going to introduce online PF transfer process from September 2017.
As per this automatic PF transfer process whenever a person changes his or her job, then without submitting any forms PF amount will transfer from one PF account to another PF account. Now EPFO made it mandatory to give Aadhar number or Aadhar enrollment number to register under EPF scheme. This also going to help this process to get succeed.
Automatic EPF transfer process will be applicable to employees whose UAN number is linked with Aadhar number and verified by their employers i.e Aadhar number should be approved by digital signature of their employers.
EPF members will get a confirmation message to their registered mobile number after completion of PF transfer.
In case employees don’t want to transfer their EPF amount then they have to request to stop automatic PF transfer process either online, through the employer or at nearest EPFO office.
Benefits Of Automatic EPF Transfer Process
- Proper utilization of EPF scheme will be done by EPF members during their retirement.
- No need to depend on the employers for PF transfer process.
- It will put an end to the generation of multiple UAN numbers to the EPF members.
- EPF transfer process will become easier.