Employees who change their jobs either need to transfer their PF amount to the new PF account created by the new employer or they need to withdraw their PF amount. Hence employee provident fund scheme is a retirement benefits scheme so it is always better to transfer your PF amount from old PF account to new PF account.
Also read: PF transfer or withdrawal, which is better
Why Employees Need to Transfer their PF Amount
- PF is a retirement benefits scheme, so it will help you after your retirement i.e after 58 yrs of age.
- By transferring your PF amount to new PF account your service period will continue, once your service period reaches 10 yrs then you will eligible for the monthly pension after retirement age.
- The more amount you have in PF account the more interest you will get on your PF account. (EPF interest rate for the financial year 2018-19 is 8.55%)
- You can avail PF amount for emergency purposes during medical cases or you can also avail loan facility from PF for various purposes like housing, marriage, education etc.
How to Transfer PF from One Company to Another
There are Two ways to transfer your PF amount from one company to another company. the first one is offline method by using PF transfer form 13 and the second one is the online method by using UAN number at UAN member portal.
1. How to Transfer PF Online using UAN
If you are looking for a simple method for PF transfer then using UAN number, every employee can transfer their PF amount easily from old employer to new employer
But to transfer your PF amount online using UAN your UAN number must be linked with your Aadhar number and bank account number. If they are not linked then link it with your UAN and tell your employer to approve them with their digital signature.
Also read: How to link KYC details with UAN
Online PF Transfer Procedure
- Login to UAN member porta and select One Member One EPF Account (PF Transfer Request) in the menu bar.
- Now select the employer i.e either the previous employer or present employer through whom you want to proceed with PF transfer request.
- Now select your previous PF account details.
- Now click on get OTP option.
- Now enter the OTP received to your mobile number linked to your UAN.
- Now you can track your claim status.
Here is the detailed process of online PF transfer
1. Go to UAN member portal and log in with your UAN number and password. And in the home page of UAN member portal go to menu bar and there select online services, from the drop-down menu select One Member One EPF Account(Transfer Request)
2. Now select the employer through whom you want to proceed with your PF transfer request. It is better to select the present employer so that it will become easy to track your PF transfer request.
If you select the present employer, then you can ask your present employer to approve online transfer request in their employer portal. You can also do this with the previous employer based on your availability.
3. Now select your previous PF account details. If you have multiple PF account numbers then select all those PF account numbers. If you want to delete any of the PF account numbers then you can delete it.
4. After selecting your previous PF account details now click on OTP, now a One Time Password will be sent to your registered mobile number, which was linked with your UAN number.
5. Once you receive the OTP then enter it and click on submit. Thatsall your PF transfer request was completed, you can find the same message on your screen.
2. How to Transfer PF by using PF Transfer Form 13
PF form 13 is known as PF transfer form. EPF members need to fill this form and submit it to the regional EPF office, once you submit this form to the regional EPF office then within 15-30 days your previous amount will be transferred to new PF account.
How to fill PF transfer form 13:
Required documents along with PF transfer form 13:
There is no need to submit any documents for offline PF transfer method. They just need to submit only PF transfer form 13 with employer attestation.
Previous Employer or Present Employer whose Attestation is Needed on PF Transfer Form 13:
EPF members can take either previous employer attestation or the present employer attestation on PF form 13. There is no problem whether you take the previous employer or present employer signature.
But in my opinion, it is better to take present employer attestation on PF transfer form.
How to Track PF Transfer Status
- EPF members who have applied for PF transfer can track their PF claim status online at EPF claim status portal.
- In the home page of PF claim status portal enter your UAN number and captcha appearing on the screen, after entering these details you are redirected to next page.
- Here select your previous PF member id and find your PF claim status. Once your PF transfer request settled then you will find the below status in PF claim status portal…
Role of Employers in Transferring PF Amount of Employee
- As we discussed earlier employee need to choose previous employer or present employer to proceed with the PF transfer request.
- Whenever an employee applies for PF transfer either in online or offline then the chosen employer will receive a message in their employer PF portal. If they approve it then it will be sent to the respective PF office.
- If the employer doesn’t approve the PF transfer request then PF transfer will not complete.
What is Automatic PF Transfer
- Automatic PF transfer means PF amount of EPF member will transfer automatically from previous PF account to new PF account of the EPF member.
- This happens only when PF member IDs of the employee are linked with same UAN number. Even if all the PF accounts of EPF member are linked to same UAN still employees can stop Automatic PF transfer request by contacting their employer.
- Because in employer PF portal there is an option to Stop PF Auto Transfer Request.