EPFO deals with the Employees Provident Fund (EPF), which is a retirement investment funds plan for workers. The employee and the employer each contribute a predetermined percentage of the employee’s salary to the EPF account under this plan. Employees’ financial security during their retirement years is provided by the EPF account’s accumulated funds.
In order to increase efficiency and accessibility, EPFO has implemented a number of online initiatives and services. Through the EPFO’s online portal, both employers and employees can access their EPF accounts, view transactions, check balances, and submit claims. The digitization has improved transparency, reduced paperwork, and streamlined processes.
The Employees’ Provident Fund Organization (EPFO) oversees the Scheme.
The EPF covers all businesses with more than 20 employees. A predetermined percentage of an employee’s salary should go toward the PF Registration. Equally, the employer should contribute to the contribution.
While many organizations are responsible for making contributions, some organizations that are not allowed to contribute to EPF funds are responsible for managing their private PF trust.
Benefits of Using an UAN
There are several benefits of using an UAN, few of them are mentioned below:-
- Employees can update the provident fund passbook with transfer details by themselves.
- You can stay up to date by receiving text messages about monthly account credit details.
- When an employer changes, the account is automatically transferred.
- It is simple to link the old and new member IDs.
Few Requisites that you need to fulfill before applying for transfer PF trust to EPFO
Before submitting an application for transfer from trust to EPFO, employees should be prepared with the following requirements.
- The registered mobile used to activate the UAN needs to be working on the EPF portal.
- For online PF fund transfers, you will receive an OTP.
- Connect your registered mobile number to your aadhaar number.
- Interface the financial balance to UAN. The equivalent must be confirmed by the business.
- Interface Aadhaar with UAN.
- Check to see that UAN has verified and approved your KYC. Check to see that both previous and current employers have registered their authorized digital signatures in the portal.
- Ensure that both the old and the new PF numbers are saved in EPFO.
- The date of Joining and date of leaving ought to count with that of the business while filling the move structure on the web.
- EPFO will accept a single member ID for a single transfer request.
- Download the exchange guarantee structure (Structure 13). Submit Structure 13 to the business to finish the course of EPF move.
Steps to Set Up a Transfer Request Online
- The very first that you need to log into your member sewa portal – https://unifiedportal-mem.epfindia.gov.in/ with UAN and password.
- Go to the online services section and choose the one member and one EPF account options.
- Go through the personal details, make sure to enter all the details carefully and present PF account details also.
- Go to Get details to view Pf account details of earlier employment.
- Choose any one employer (present or previous) for attesting the transfer form after checking the availability of an authorized signatory holding a Digital signature certificate online.
- Insert your Member ID or UAN in the required fields.
- Make sure to insert all the relevant employer Member ID only. A mismatch will lead to rejection.
- When completed click on GET OTP, and you will receive a one-time password in your registered mobile number.
- Submit the OTP to authenticate your identifications.
The completed PF transfer request form can be downloaded. The employee should self-sign the form before submitting it in PDF format to the previous employer for approval. The EPF transfer request will be communicated to the employer via online notification.
The business ought to support the PF move demand carefully. The new record with the ongoing manager will get the PF move upon endorsement of the past boss.
To enable online tracking of the transfer application, a reference ID will be generated.
Documents required by EPFO
Keep the following documents handy to cross-check the database entries in order to speed up the online process.
- Revised Form 13.
- Valid Identity Proof (PAN, Aadhar, or Driving License).
- UAN.
- Details of current employer
- Account Number
- Details of the bank account
- Establishment Number
- Old and current PF account details.
Ways to Check the Status of Transfer PF from Trust to EPFO Online
You must follow the steps below in order to check your status for PF transfer online.
- Open the portal for EPFO members. Select the option “Know your claim status” from the services menu.
- Choose the employee section or page.
- UAN and Manual human test pages will open. To continue, you must enter the required information.
- Click view your claim status after entering the member ID for which the request for status is being made.
- The page will open with the ongoing status of the PF move.
Considerations Regarding the Transfer of PF
On the EPFO’s portal, online UAN is operational.
- The mobile number associated with Aadhaar is active.
- The UAN is linked to the bank account.
- On the EPFO portal, Know Your Customer (KYC) is verified.
Benefits of PF Transfer
When an employee changes jobs, the former PF corpus should be transferred to a new PF account created by the new employer. EPF is a government-backed long-term investment. Consequently, it can be withdrawn in an emergency. Transferring the PF account balance from the old to the new account has the following advantages:
- Withdrawals from the EPF within the first five years of employment are subject to taxation. However, the transmission of the PF corpus within five years is tax-free.
- PF contributions earn compound interest from EPFO. Thus, the interest would decrease if the PF amount was withdrawn instead of transferred.
Bottom Line
The transfer usually takes anywhere from 30 to 45 days. Upon fruitful exchange of the pf reserve, the past employer will give Annexure K in 2 copies. One copy will be given to the employee and one to the present employer.
The importance of EPFO lies in providing employees in the organized sector with social security, retirement benefits, and financial stability. It encourages a culture of long-term financial planning, guarantees life insurance coverage, and assists individuals in building savings for their retirement. EPFO plays a crucial role in ensuring the rights and welfare of employees in India by regulating and supervising the implementation of EPF schemes.
The team at Startupfino works extensively for your needs and fulfills all the essential requirements that are so far needed to transfer PF from trust to EPFO online.
We work 24/7 to solve all your queries and deliver solutions accordingly. So what are you waiting for? Get in touch with us, to experience the best.
