When you change jobs, transferring your PF account can seem tedious. Previously, you had to open a new PF account and submit an application to your previous employer to request a transfer of the PF amount. Now, with the latest amendments put forward by the Employees’ Provident Fund Organisation (EPFO), transferring PF balance has become very simple.
If you leave your current job and join another company, you can withdraw or transfer your PF balance. However, it would help if you transferred credit from your PF account rather than withdrawing it to ensure that your wealth grows. It is essential to know how to transfer the PF online, as it is the simplest way to do so. You must also check your Universal Account Number (UAN) and ensure that it is active.
What is UAN
UAN is a unique 12-digit number allotted to you by the Ministry of Employment and Labour if you are an EPFO member to manage your PF account(s). It helps the government track PF activities of citizens and centralise this data. Once you have an active UAN, you can transfer PF with ease.
How to transfer PF online using UAN
- When you are joining a new company, you will have to fill up the Composite Declaration Form (F-11) and submit it to your new employer. This form contains details about your previous employer and UAN.
- Your new employer will submit these details on the EPFO website.
- If your old employer has already verified your application and your UAN is linked with Aadhaar, the portal will automatically start the transfer process.
- You will receive an SMS confirming the start of transfer the process.
- As soon as your new employer deposits your first month’s PF contribution, the transfer process will be complete. You will also receive an SMS confirming a transfer of the PF amount from your old employer to your new one.
So, if you are changing jobs, be sure to follow this guide when it comes to transferring the funds to your PF account. Remember to keep this account intact for as long as possible as it serves as an ideal way to save for your future, especially post-retirement expenses.
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