Are you planning to switch your job in the near future and wondering how to transfer your PF from one company to another ? Thankfully, the Employees’ Provident Fund Organisation (EPFO) has made the process of EPF transfer simpler than ever before. You can access many of EPFO’s services via its online portal from the comfort of your home. Through EPFO’s unified common interface portal, you can transfer your EPF online and save time as you need not get your documents verified physically.
When you change your job, your new employer opens a new EPF account in your name, although the UAN (Universal Account Number) remains the same. However, you can easily transfer the funds from your old account to your new account. You also get the option to withdraw your PF funds two months after your last working day with your previous employer. Transferring your PF instead of withdrawing is ideal for building a significant retirement corpus. Besides, if you opt out of your PF account within five years of continuous service, the amount shall be subject to taxation.
EPF transfer used to be a complex process because of the extensive paperwork involved. However, with the launch of the online portal, the process has become easy and seamless.
Step 1: Visit EPFO’s unified portal (member interface) and log in with your UAN and password.
Step 2: Select the ‘One Member – One EPF Account (Transfer Request)’ option in the ‘Online Services’ section.
Step 3: A page with your personal information will open; ensure that the information regarding your current employer and PF account details are accurate.
Step 4: Click on ‘Get details’ to check the PF account details of previous employment.
Step 5: After that, you can choose either your previous or current employer to attest the claim form. You can consider selecting one based on the availability of an authorised signatory holding a Digital Signature Certificate (DSC). After choosing one, provide your member ID/UAN to proceed.
Step 6: Click on the ‘Get OTP’ button to receive the OTP to your registered mobile number. Enter the OTP and click on the ‘Submit’ button to authenticate your identity.
Step 7: Self-attest the PF transfer request form generated online and submit it in a PDF format to your selected employer. Once submitted, the employer will receive an online notification about the EPF transfer request.
Step 8: Your employer will approve your EPF transfer digitally.
Step 9: Download Form 13 and submit it to the new or previous employer (depending on who you selected for the attestation). You must submit this form within 10 days of requesting a PF transfer online.
When opting for PF transfer online , you should consider the following:
You need the following documents for PF transfer online :
The Universal Account Number (UAN) is a 12-digit number assigned to each employee. The EPFO issues this unique number which acts as a link for the different member IDs allotted by different employers.
Here are three ways to check the status of your PF transfer:
You can transfer your EPF account to NPS by following these steps:
PF is a long-term retirement saving scheme that provides relatively high interest rates. Hence, when you change jobs, consider transferring your PF into the new account instead of withdrawing it. Maintaining a PF account for a long time is beneficial since EPFO offers compound interest. If you commit to contributing for a long time, you can accumulate substantial savings for your retirement. EPFO has made it easier to transfer PF online and check your PF transfer status.
Is it possible to withdraw EPF while working?
No, you cannot withdraw money from your PF account while you are still working. However, depending on your eligibility, you can partially withdraw from your PF in case of a medical emergency, marriage, house purchase, etc.
Why should I transfer PF and not close it?
When you change jobs and employers, you can transfer your existing account to your new employer instead of closing it. Contributing continuously to your PF account will ensure substantial savings for your retirement.
How many days does it take to transfer PF online?
EPF transfers usually take 30 to 45 days. You will receive an SMS notification once the transfer is complete.
How can I show EPF withdrawal in ITR?
Withdrawals from EPF should be reported under the ‘Income from Salary’ section. When filing your ITR, select ‘Section 10(12) Recognized Provident Fund’ to indicate the withdrawal.
Nishant is a qualified lawyer from NALSAR University of Law, Hyderabad having 8+ years of experience and is the Chief Compliance and Legal Officer at Wint Wealth. He has been working in the finance and wealth management space for the past 5+ years and is an NISM certified mutual fund expert. He has previously worked for Khaitan & Co and Scripbox.
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