Just like finding a satisfying job is a tedious task, resigning and resuming job at the new place is equally exhausting. There are lots of documentation processes which one goes through when he opts to switch a job. Clearing the dues, the settlement of ESOP (Employee Stocks), PF settlement to count a few. Apart from getting yourself a desirable salary at the new work place, you should not forget to avail the already existing benefits especially of an Employee Provident Fund Account.
When you decide to move, you have two options. Either you can close your existing PF account and open a new one with your new employer or you can switch your existing PF account and get the new employer to register for the same.
It is always advisable that a person holds on to an existing PF account. A PF Account which is 5 years old will qualify for Tax Exemption and will save you some bucks on maturity. Retaining of the account gives you a privilege to withdraw partial sums of money as and when needed.
How to transfer the PF Account
Since it is the age of speed, the process of transferring a PF account is best done online. One needs to generate a Universal Account Number which links a PF account to an employee. This number is your identification and will allow you to port your PF account easily. If in case you are unaware of the existing UAN number, your current facilitator can assist you with the same. Once you have the Universal Account Number, here are the steps you can follow to transfer the account.
- The Employee Provident Fund Organisation(EPFO) has created a website for the management of PF accounts of Indian employees. Here is a link to the website.(http://members.epfoservices.in/home.php)
- Once you open the website you have to generate a login ID using your UAN number.
- Log in using the credentials you have generated and it will ask you to fill a form. The form will require the details about your current employer, company name, establishment number, etc.
- After you fill up the details, you will get to know if your account is eligible for an online transfer. In most cases it is.
- Next you will need to submit your documents for identification. You will need your Aadhar card, driver’s license, Pan card, etc.
- After completing the identification process, you will receive a pin on your registered mobile number. Correctly entering the details will take you to the EPFO member claims portal.
- Log in and select ‘Request transfer of account” tab.
- Here you will have to correctly fill in the PF transfer form. It is a three-part document. The first and second parts ask for details regarding your bank salary account and old PF account respectively. The third part asks for details regarding your existing PF account. The document will then have to be attested by your employer; either previous or current
- After verifying the details, you can submit the form. The transfer process gets initiated once you submit the form.
The portal allows you to keep a track of the transfer process as well. Keep yourself updated with the status of your application. Further, if linking your UAN number with your AADHAR card will ensure that your pension fund remains safe, secure and only accessable by you.