- Employees Provident Fund (EPF) helps salaried employees save for retirement in India
- PF transfer is preferable to withdrawal to preserve retirement savings and avoid tax
- UAN must be active and linked to mobile, bank, and Aadhaar before initiating transfer
The Employees' Provident Fund (EPF) is one of the most important retirement savings tools for salaried employees in India. Managed by the Employees' Provident Fund Organisation (EPFO), the scheme helps employees build a retirement corpus through regular contributions from both the employee and employer.
When changing jobs, many employees are unsure about what happens to their PF balance and how it should be managed. With job switches becoming increasingly common, transferring your PF account to the new employer is an important step of maintaining long-term retirement savings.
The Employees' Provident Fund Organisation (EPFO) allows members to complete the transfer online through their Universal Account Number (UAN), making the process quicker and easier.
Why Transferring Your PF Is Important?
When an employee changes jobs, there are typically two options available. The first is to withdraw the PF balance if certain conditions are met, while the second is to transfer the accumulated amount to the new employer's PF account.
Transferring the PF balance to the new employer's account is generally considered a better option than withdrawing the funds. It helps preserve long-term retirement savings and ensures that the accumulated corpus continues to grow.
In addition, withdrawing PF before completing five years of continuous service could attract tax, making a transfer the more beneficial option for many employees.
ALSO READ: Is PF Withdrawal Taxable? Every Employee Must Know These Rules
Things To Check Before Initiating A PF Transfer
Before starting the online transfer process, employees should ensure that their Universal Account Number (UAN) is activated and linked to an active mobile number. The EPFO system allows only a single transfer request for each previous PF account.
The bank account details and IFSC code should be updated and linked to the UAN, while Aadhaar should also be seeded and verified. Employees should also check that their employer has approved the necessary e-KYC details and that both the old and current PF account information are correctly reflected in the EPFO database.
Documents You May Need
To complete the transfer smoothly, employees should keep essential documents and details ready, including:
· Valid ID proof (PAN card, Aadhaar card or driving licence)
· UAN
· PF account number
· Present employer's details
· Bank account details
· Current and old PF account details
· Establishment number
Step-By-Step Process To Transfer PF Online
Step 1: Visit the EPFO website and log in using your Universal Account Number (UAN) and password.
Step 2: Under the 'Online Services' menu, select 'One Member – One EPF Account (Transfer Request)'.
Step 3: Verify your personal details and enter information related to your previous and current employers.
Step 4: Click on 'Get Details' to fetch the PF account information linked to your previous employment.
Step 5: Choose whether the transfer request should be verified by your current employer or former employer, depending on the availability of an authorised signatory. Enter the required UAN or Member ID details.
Step 6: Request an OTP, which will be sent to the mobile number linked to your UAN. Enter the OTP and submit the transfer request.
Step 7: Once the application is submitted, a tracking ID will be generated. Download, print and sign Form 13, and submit it to the selected employer within 10 days.
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How To Track The Transfer Status
Once the request is submitted, the employer will verify the request and forward it to EPFO for processing. Employees will receive updates through SMS notifications after approval of the transfer request by the employer and EPFO.
The status of the request can also be checked through the "Track Claim Status" option available under the Online Services section of the EPFO Member e-Sewa portal.
Initially, the application may show as "Pending with Employer". After employer approval, the status typically changes to "Accepted by Employer, Pending at Field Office" before the transfer is completed.
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