How to Transfer EPF Online Through EPFO Portal?

The Indian government would pay the employer and employee contributions to employees’ EPF accounts. For an additional three months, from June to August 2020, the edge goes to businesses with fewer than 100 employees, 90% of whom make less than Rs 15000 a month in pay. Non-government organisations now only contribute 10% instead of 12% to the EPF.

An individual can open a Public Provident Fund (PPF) or Employee Provident Fund (EPF) account. Both require the employer and employee to contribute a portion of their earnings.

Because of their E-E-E (exempt-exempt-exempt) nature, Employee Provident Funds (EPF) are a great option for paid individuals. It was decided that making investments in EPF, earning interest through EPF, and withdrawing from EPF after five years were all privileges. This article describes the process of performing a PF transfer online. Keep reading to learn more about it.

Required Form for PF Transfer

Transferring PF monies across accounts necessitates the use of Form 13. To transfer their PF balance from their old account to the new one. When salaried individuals switch employers covered by the EPF Scheme, they must fill out this form. This is very vital.

EPA Form 13

The EPF offers a transfer form called EPF Form 13 that can be received in person or online. Fill out the PF Form 13 and submit it to transfer the EPF account.

Qualification for PF Transfer

• Employees are required to confirm that their registered mobile number and UAN are operational on the EPFO portal. When requesting a transfer
• The PF subscriber must sync any bank information that has been confirmed by the company, such as bank account information and an IFSC number.
• On the EPFO website, the employee must enter their Aadhaar data.
• The site should show the joining and departing dates of the PF participant.
• Additionally, the worker must give their reason for quitting.
• Please keep in mind that the EPFO portal only permits one PF transfer request to be submitted at a time.
• Now that customers are aware of how to move PF online, it’s time to identify the paperwork you’ll require to ensure that everything goes smoothly. Below is a list of the paperwork needed for the online PF move process.

Alternatives for PF Transfer

For PF transfer, there are primarily two approaches:

PF Offline Transfer

The employee must fill out the PF Form 13 with all pertinent information and submit it to the current employer to use the offline PF transfer option. Following that, the existing employer will send the application to the EPF office. The form will then be sent to the former employer by the EPF office for verification. After receiving confirmation and attestation from the prior employer, the EPF office will transfer the remaining funds from the old account to the new one. There is no need for copies of the applicant’s UAN or Aadhaar card. When a person has numerous staff IDs, the EPFO assigns each employee a UAN, which acts as a unique identification number.

Online Transfer Claim Portal (OTCP)

A method for transferring PF funds online. To use this helpful online portal, the PF member does not need to provide their UAN, Aadhaar, or other documentation. By attempting to submit a few financial details and employment information, you can transfer your PF.

One Employee, One EPF Account: This regulation was put in place to prevent confusion brought on by having numerous PF subscriber data. All current PF accounts will be included in this endeavour, according to EPFO. The PF members’ ability to submit multiple PF transfer applications helps achieve this.

Automatic EPF balance transfers are only possible when transferring a PF account from another account, and they require the subscriber’s UAN. The subscriber doesn’t have to exert much effort during this process. The PF will be allocated when their new employer enters their UAN into the system.

Pension Plan for Employees

The Compensation Act of 1952 specifies how an Employees Provident Fund (EPF) operates. Organisations with 20 or more employees must follow it. However, other organisations may voluntarily take part in this programme. This organization might join a government-approved project, or it might launch a retirement program to build trust. Each one of the known Provident Fund Schemes requires official approval from the Commissioner of Income Tax (CIT).

Documentation Needed for an EPF Transfer

Form 13 Revised, Universal Serial Number (UAN), Number of Establishment, Identity Verification (Aadhaar, PAN, or Driving License), Employer Information (must be Your Current Employer), Financial Institution Information, and PF Account Information (for both old and current accounts)

How to Complete an Online EPF Transfer Form

Step 1: Log in to the primary webpage of the EPFO portal using your credentials.

Step 2: Once you’ve logged in, click the “Online Services” page. Then “Each Member – One EPF Account (Transfer Request)”.

Step 3: Carefully go through all the data on the screen, then enter the details of the PF account to which the money will be transferred.

step 4: To obtain the account details for the prior job, choose “Get Details” in.

Step 5: Click on “Previous Employer,” then type the UAN and the final ID number.

Step 6: Complete the online EPF Form 13 form.

Step 7: To enable tracking of the application process, a tracking ID will be generated.

Step 8: is to duplicate the form and sign it. After the date of procurement, the applicant has ten days to submit the aforementioned paperwork.

Step 9: Both new and former employers must certify the data on the application.

Step 10: Before the funds are moved to the new account, the information on the form must have the approval of both employers.

Conclusion

It’s usual for workers to change jobs mid-career between PF-registered firms. But transferring PF rather than withdrawing it can help to protect it. Another key tax consideration is the fact that withdrawals from the PF done within five years of employment are taxed. Your UAN account is where all of the PF money from previous jobs is accumulated under several member IDs. The EPFO portal will save you the time it would take to look for your own money.