Now you can rejoice. There would not be any hassle of EPF transfer. The whole process has become automatic and you don’t even need to apply, online or offline. Till now, you have to initiate EPF transfer either through the UAN portal or through the employer. But, now EPFO has made your life very easy.
In fact, now EPF transfer process has become a part of the EPF joining. If you are an existing EPF member and have a UAN, the EPFO can easily transfer your previous balance to the new EPF account.
Process of Automatic PF Transfer
The automatic EPF transfer is based on the form-11 of EPF. It is called as the EPF declaration form. Every employee has to fill this form while joining a new job. You can consider this form as EPF registration Form. In this form, you give all your personal detail to create a new EPF account. This form has replaced the existing form-13. It would be used only for the offline EPF transfer.
- Now, this form-11 has become a composite form. In this form, you give your previous employment detail along with the UAN and personal details. This detail given in this form is also used to open a pension account.
- Th employer uploads all the information of form and keeps the form-11 with it.
- In the basis of given UAN, the EPFO finds out your previous EPF account. Now, it has to only verify, that right person has quoted the UAN.
- You are authenticated by using Aadhaar. That is why automatic PF transfer happens only when your UAN is linked with Aadhaar. Note, your linked Aadhaar should be also verified by the previous employer. It is a necessary step and every employee should get his/her Aadhaar verified by the employer as soon as possible.
- If EPFO system finds that you have quoted right UAN and your UAN is also linked with Aadhaar, it immediately initiates an automatic EPF transfer.
- There is no manual intervention in this PF transfer process. If you fulfill all the conditions, the EPF transfer is performed by the computer automatically.
- But before the final transaction, the EPFO would inform you through the SMS. You can stop this transfer, within 10 days of getting the SMS.
- If you don’t stop the transfer, the corpus of previous EPF balance is added to the new EPF account.
- Actual transfer happens once the initial contribution by the present employer takes place
- Your pension account is also clubbed with the new pension account.
Eligibility of Automatic EPF transfer
The automatic EPF transfer is very useful but it comes with some conditions.
- You must have an Activated UAN. You can activate it through the UAN member portal.
- Your UAN should be linked with the Aadhaar.
- The Employer must verify your Aadhaar number.
- There should not be any anomaly between your UAN data and personal details of form-11.
So, EPF transfer has become automatic. On the other hand, EPF withdrawal has also become quite easy and online. In the new process, you don’t even need the employer.