EPF: Automatic transfer from old to new job. All you want to know
EPF (employee provident fund) transferred from the previous employer. This is supposedly the standard procedure across organisations but not anymore. Thanks to the new employee-friendly policy rolled by the PFRDA (Pension Fund Regulatory and Development Authority), employees can expect an automatic transfer of their EPF account balance when they change their employer i.e., at the time of changing the job.
The UAN (Universal Account Number) and aadhaar given by the new employer to PFRDA must be the same as what the pension fund authority has in their data. Additionally, the mobile number must be linked to the UAN. UAN acts as an umbrella for the multiple Member Ids allotted to an individual by different establishments.
The idea is to link multiple Member Identification Numbers (Member Id) allotted to a single member under single Universal Account Number. UAN is allotted to all the contributory members of EPFO. ALSO READ: How to check your EPF account balance? A step-by-step guide The previous employer should inform the authority of the joining and date of exit of the employee.
Yes, it is important that UAN is activated and the mobile number linked to it is also operational. It starts as soon as the first salary gets transferred and the new employer has transferred PF contribution to the employee, the automatic transfer of EPF takes place. Only those provident fund (PF) contributions are covered which are under the EPFO’s umbrella, whereas the trusts that are exempted from provident fund are not covered under this.Milestone Alert!
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