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The Government of India will pay the employer and employee contribution to EPF account of employees for another three months from June to August 2020. The benefit is for establishments with up to 100 employees and where 90% of those employees draw a salary of less than Rs 15,000 per month. The contribution to EPF is reduced to 10% from 12% for non-government organisations.
Employee Provident fund (EPF) is an ideal investment option for any salaried individual, owing to its E-E-E (exempt-exempt-exempt) nature. This means investment in EPF, interest from EPF and withdrawal from EPF after 5 years is exempt. In this article, we will discuss how to do PF transfer online.
Interest rate on PF deposits is 8.5% for FY 2020-21.
Once an individual starts his career by taking up employment in any of the PF registered organization, an employee would be registered for PF purpose and both employee and employer contributions to employee’s PF and the fund earns interest till withdrawal. Further, it is not uncommon especially in early or mid-years of the career, to switch job for various reasons with or without break. In such scenarios, what happens to the PF account of the employee already created with the previous employer? The employee will have two options in such cases.
As already mentioned, in order to make it an ideal saving for retirement it is always better to transfer the PF balance instead of withdrawing. This is also advisable from the tax standpoint as withdrawal of PF within 5 years of continuous service attracts tax.
The Employees’ Provident Fund Organisation (EPFO) has been taking several measures to simplify the operation of EPF account both for employer and employees. Keeping up with technology revolution, EPFO is also striving towards making all the process related to EPF electronic, more specifically PF transfer and withdrawal of PF which are generally tedious and time-consuming. EPFO introduced Universal Account Number (UAN), which acts as an umbrella for the multiple Member Ids allotted to an individual by different employers. UAN enables linking of multiple EPF Accounts (Member Id) allotted to a single member. UAN offers a bouquet of services like dynamically updated UAN card, updated PF passbook including all transfer-in details, facility to link previous members’ ID with present ID, monthly SMS regarding credit of contribution in PF account and facility for auto-triggering transfer request on change of employment.
While the PF transfer was possible online earlier under ‘Online Transfer Claim Portal’, with the introduction of UAN, the process of transfer is revised and shifted under ‘unified portal’. However, in order to make online PF transfer, please ensure the following:
Now we know that PF transfer can be made online and above criteria need to be fulfilled. Let us understand the procedure step by step with the help of screenshots:
Step 1:Login to Unified portal (member interface) by using your credentials i.e., UAN number and password
Step 2: After login, click on ‘One Member – One EPF Account (Transfer Request)’ under Online Services
Step 3:Verify personal information and PF account for present employment:
Step 4: PF account details of previous employment would appear on clicking on ‘Get details’ below.
Step 5:You have the option of choosing either your previous employer or current employer for attesting the claim form based on the availability of authorized signatory holding DSC. Choose either of the employers and provide member id/UAN:
Step 6: In the next step, click on ‘Get OTP’ to receive OTP to UAN registered mobile number and enter the OTP and click on submit.
The employer will digitally approve your EPF transfer request by accessing employer interface of the unified portal. Fill up Form 13 with details including PF number from both previous and current employer and download the transfer claim (pdf format). Submit the physical signed copy of the online PF transfer claim form to the selected employer within a period of 10 days.
No, you cannot edit details like father’s name, DOB, date of joining, date of exit as available in EPFO database.
Yes, you require to take a printout of the claim submitted and give it to the employer after signing it.
You would have an updated status of the claim in the “Views the status of transfer claims” under the tab ‘CLAIM’.