EPF Account Merger: A big headache is to transfer your EPF account. By changing jobs, many of our EPF accounts are created, whose merger is also a long process. EPFO is working on an employee-friendly system, which will soon automate the merger and transfer of all EPF accounts of employees.
New Delhi: Whenever we change jobs, there are fifty types of paperwork. There is always something left to do, especially when it comes to paper transactions between the two companies. After changing jobs, one such major headache is to transfer your EPF account ie Employee Provident Fund (EPF Account).
By changing jobs, many of our EPF accounts are created, whose merger is also a long process. But soon you get rid of all this hassle. EPFO (employees’ provident fund organization), which manages Employees’ Provident Fund Is working on an employee-friendly system, which will soon automate the merger and transfer of all EPF accounts of employees.
What will be the new change?
EPFO has approved the development of a centralized IT-enabled system through C-DAC. Under this system, all the accounts of EPFO members will be merged automatically, they will not need to complete the process of transfer on their own in case of change of job.
That is, now that you have changed your job, then you will not have to take the tension that you have to transfer your EPF account to the new institution. Through this centralized system, all PF accounts of EPFO members will be merged and de-duplicated, so that they will not have to worry about the transfer process.
The Central Board of Trustees of EPFO had taken a decision in this regard in its meeting held on November 20 last.
What are the rules now?
According to the current rules, if any salaried person changes jobs, then a new EPF account opens with the new organization. The UAN (Universal Account Number) number remains the same, but the institution opens a new EPF account. In such a situation, he has to transfer his old EPF account from the old institution to the new institution because the PF deducted from his salary during the old office was getting deposited in the same account. So the amount deposited in PF will have to be transferred to his new account.
This work has to be done online on the member service portal of EPFO. If the member’s UN number is linked with his Aadhaar, then this process is done online, but if the UN is not linked with Aadhaar, then he will have to submit a form to his new company to transfer money from the old account. Click here to know how to link UN with Aadhaar .
