EPFO PF Fund Transfer : After changing jobs, transferring Employee Provident Fund (EPF) balance from old company to new company is one of the most important tasks. If you do not transfer PF balance for a long time, then your EPF account becomes dormant.
That is, it is not active and after a few years, interest on it also stops. To avoid all these problems and earn interest on PF, it is important to transfer your EPF balance as soon as you change jobs.
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Can PF transfer be done without updating the ‘Date of Exit’ in the EPF account?
According to the Employee Provident Fund Organization (EPFO), to transfer EPF balance, it is mandatory to have updated date of exit from the old employer. Without this, PF cannot be transferred.
EPFO rules
For online transfer, it is very important to update the date of exit on your account. This can be updated only after two months of leaving the job. This date can be of the same month when the old company would have made the last contribution. This date of exit is updated by your previous company or employer on the EPFO site. This process is only possible when your Universal Account Number (UAN) is verified with your Aadhaar and mobile number linked to Aadhaar.
Employees can update their Date of Exit themselves on EPFO website
The good thing here is that if your old employer or company does not update the ‘Date of Exit’, then the employee can update it himself by visiting the online portal.
How to update ‘Date of Exit’ for EPF?
Step 1: Visit the EPFO unified portal and log in with UAN and password.
Step 2: Click on the Manage tab and select the Mark Exit option.
Step 3: Select the old PF account number from the dropdown.
Step 4 : Enter the date and reason for exit. Enter the OTP sent to the mobile number linked to Aadhaar and submit the request. Please note here that once the ‘Date of Exit’ is updated, it cannot be changed.
How to check whether EPF has been transferred or not?
According to EPFO, you can check your PF balance by looking at the passbook. For this, first go to the EPFO portal.
- Log in to the EPFO portal.
- Go to the View menu and select the Passbook option.
- Log in with your UAN and password.
- View passbook of all MIDs (Member ID).
- If the balance has been transferred, it will be shown as a credit entry in the PF account of the new company. If the balance has not been transferred, the balance will be shown in the PF account of the old company. In such a case, file an online transfer claim.
Why is EPF balance transfer necessary?
Your balance will be added together with the contributions of all the companies. This will increase the base amount of your PF. There will be no problem in getting the interest. Also, with the increase in the base amount, the interest received on PF will increase. There will be no problem in the future.
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