10 Steps To Transfer EPF Account Balance: From Existing To New

The Employees' Provident Fund Organization (EPFO), the central organization that handles Employees' Provident Fund contributions, allows the user, or an organization with 20 or more employees, to transfer the PF balance to a new employer following a detailed computation done with the preceding employer using the EPF calculator. When transferring PF online, an employee gets the option to have the claim attested by the former company. The Employee Provident Fund (EPF) is a government-run program whereby a required deduction from an employee's pay is made and invested. Remember to periodically check your EPF balance and compare it to the results of the EPF calculator.

Checking EPF account balance is much easier than ever

On November 15, 1951, the Employees' Provident Funds Ordinance was established the Employees' Provident Fund. Following that, The Employees' Provident Funds Act, 195 was made. The Employees' Provident Funds Act, which established provident funds for workers in factories and other organizations, was introduced in Parliament as Bill Number 15 of 1952. The Act, which covers all of India, is currently known as the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. 

EPF has three different schemes:

Employees Provident Fund Scheme: This is a savings program in which an employee receives all of the collected funds upon retirement (or earlier in need and emergencies)

Employees' pension fund scheme: Upon death or permanent disability, employees will receive a monthly pension.

Employees deposit linked insurance scheme: This program offers assurance compensation upon employee mortality while employed.

Employees continue to shift from one employment to another as work prospects expand. To get released from your current employer and join a new one, changing employment necessitates a lot of paperwork. An employee must remember to start a new provident account fund whenever they change jobs. The old pf account had a sizable amount of EPF balance that can be checked using the EPF calculator. The employee now has the choice of closing the previous provident account or moving the funds to a new account.

EPF Loan:

Employees may borrow a portion of the funds in their Provident Fund accounts as a personal loan to cover emergency expenses, according to the EPFO. This is frequently referred to as an EPF loan, it is more accurately an advance because the amount which is withdrawn is typically non-refundable and not required to be repaid. It should be emphasized, nonetheless, that the EPFO first confirms the justification for the withdrawal and only permits you to take money out of your EPF account if the justification is acceptable.

EPF Calculation:

The creation of an online self-service portal by the EPFO has made it simple to calculate money with the help of an EPF calculator and transfer it from one PF account to another Provident fund account. The transfer process used to be time-consuming and entailed a lot of documentation that had to be physically delivered to the appropriate EPFO offices. Since its launch in 2013, more than 1.15 lakh employees have utilized the online platform to move money and calculate using the EPF calculator from one account to another, calculating using the EPF calculator demonstrating the program's success.

Steps:

1. To access the EPFO user portal, go to unified portal-mem.epfindia.gov.in/memberinterface

2. The user must then create an online transfer request by choosing "Transfer Request" from the "Online Services" item on the main menu of the home page.

3. Clicking the "Transfer Request" will bring up a page with all of the employee's data.

4. The user is required to verify all personal data, including the EPF number, birth date, and joining date.

5. Following that, the user must select the previous account that needs to be transferred and then click the submit button.

6. An OTP will then be sent to the registered number. After the OTP has completed the authentication procedure, the request is submitted, and an online form is created.

7. The paperwork must be signed by the user and sent to the prior employer.

8. The employer also receives an online alert about the request. After the employment information has been verified, the employer can securely send the request to the EPFO office.

9. Furthermore, EPFO will handle the matter. One can check the status of the EPF transfer request on the 'Track Claim Status' option.

10. Through the EPFO website, users can apply for the final settlement of PF, withdrawal of pension, and PF part withdrawal. 

What percentage of PF would be deducted from the salary account?

Typically, 12% of the base monthly salary goes to your PF account, with your employer also contributing the same amount. Your pension fund is primarily intended for use after retirement, but some provisions let you withdraw the amount of your pension fund earlier as well. Use the epf calculator to know the exact calculation of your balance.

How to keep track of the status of an online EPF account transfer?

The owner of an EPF account can monitor the progress of a submitted transfer request through the Member e-SEWA site. Members of EPFO can monitor the progress by selecting "Track Claim Status" from the "Online Services" Tab. Keep an eye on your fund balance and sync it with the widely used EPF calculators.