Introduction
The Employees’ Provident Fund Organisation (EPFO) has recently introduced an automated process for transferring Provident Fund (PF) accounts. This process is designed to make it easier and faster for employees to transfer their PF accounts from one employer to another. The process is completely online and requires minimal paperwork. It also eliminates the need for employers to manually transfer PF accounts, which can be a time-consuming and tedious process. This new process is expected to benefit both employers and employees, as it will reduce the time and effort required to transfer PF accounts.
EPFO Introduced Automatic PF Transfer Process
The Employees’ Provident Fund Organisation (EPFO) has introduced an automatic transfer process for provident fund (PF) accounts. This process will enable the transfer of PF accounts from one employer to another without the need for any paperwork. The process is expected to reduce the time taken for the transfer of PF accounts from 45 days to 10 days.
The process involves the employer submitting the details of the employee’s new PF account to the EPFO. The EPFO will then transfer the PF balance from the old account to the new account. The employee will be notified of the transfer via SMS or email.
The process is expected to benefit employees who switch jobs frequently and have to transfer their PF accounts from one employer to another. It will also reduce the paperwork involved in the process and make it easier for employers to manage their PF accounts.
Employee Provident Fund Organization (EPFO) has introduced automatic PF transfer process. Which will be very useful for all EPF subscribers. Earlier EPF members need to fill EPF transfer form 13 or they have to use online EPF transfer claim portal for PF transfer. Now there is no need to do those things. The automatic EPF transfer process will be effective from 20 September 2017.
EPFO Introduced Automatic PF Transfer Process
As we all know there are so many EPF transfer cases are pending at employers, this is happening due to the negligence of employers or lack of guidance to employees. Whenever an employee changes a job then he or she can able to apply for PF transfer. But in majority cases, members of EPF are applying for PF withdrawals. This is taking away the benefits of this social security scheme from EPF members.
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How To Link KYC Details With PF UAN Number
EPF is a retirement benefits scheme that is going to help employees when they retire from their jobs. But due to lack of proper guidance EPF members are withdrawing PF and pension amounts whenever they change their jobs. So in order to stop premature withdrawals of PF and pension amounts the Employee Provident Fund Of Organization is going to introduce online PF transfer process from September 2017.
As per this automatic PF transfer process whenever a person changes his or her job, then without submitting any forms PF amount will transfer from one PF account to another PF account. Now EPFO made it mandatory to give Aadhar number or Aadhar enrollment number to register under EPF scheme. This also going to help this process to get succeed.
Note:
Automatic EPF transfer process will be applicable to employees whose UAN number is linked with Aadhar number and verified by their employers i.e Aadhar number should be approved by digital signature of their employers.
EPF members will get a confirmation message to their registered mobile number after completion of PF transfer.
In case employees don’t want to transfer their EPF amount then they have to request to stop automatic PF transfer process either online, through the employer or at nearest EPFO office.
Benefits Of Automatic EPF Transfer Process
- Proper utilization of EPF scheme will be done by EPF members during their retirement.
- No need to depend on the employers for PF transfer process.
- It will put an end to the generation of multiple UAN numbers to the EPF members.
- EPF transfer process will become easier.
EPFO Introduces Automatic PF Transfer Process
The Employees’ Provident Fund Organisation (EPFO) has recently introduced an automated process for transferring Provident Fund (PF) accounts from one employer to another. This process is aimed at making the transfer of PF accounts easier and faster for employees.
The new process, which is available on the EPFO website, allows employees to transfer their PF accounts from one employer to another without having to submit any physical documents. All the employee needs to do is to fill in the required details online and the transfer will be completed within a few days.
The new process is expected to benefit employees who have changed jobs and need to transfer their PF accounts. It will also help employers who have to manage the transfer of PF accounts of their employees. The process is expected to reduce the paperwork and time involved in the transfer of PF accounts.
The EPFO has also launched a mobile app to facilitate the transfer of PF accounts. The app allows employees to track the status of their PF transfer and also provides them with other useful information such as the balance in their PF accounts.
The introduction of the automated process for transferring PF accounts is a welcome move by the EPFO. It will make the process of transferring PF accounts easier and faster for employees and employers alike.
