Changing a job comes with multiple changes, such as a different work environment, a new role and a better salary. The employee needs time to adjust to the new establishment and understand the flow of work. However, just as all of this occupies a person, one must not forget a crucial part of the employment journey: Employees’ Provident Fund (EPF).
EPF is a government-backed scheme meant for long-term investment that can be used during the post-retirement period of life. It consists of a part of one’s salary deducted every month, along with a share from the employer and the interest earned. The money in the PF account belongs solely to the employee and thus should be dealt with carefully.
While switching jobs, one needs to transfer the Provident Fund from their previous employer to the current one. However, it may happen that an employee has multiple EPF accounts due to being employed with different employers at different points in time.
Managing multiple accounts can be a tedious and complicated task. Thus, it is better to track all such accounts and transfer the funds to one account so that retirement funds remain easy to manage.
The employee gets a Universal Account Number (UAN) from the Employees’ Provident Fund Organisation (EPFO), which is meant to remain the same throughout their life. Though establishments may create different UANs when an employee joins them, it is better to maintain the balance under one UAN by transferring funds from other UANs to one of them.
A UAN ideally links all the PF member IDs of an employee under one account.
In case multiple accounts exist under one UAN or across multiple UANs, the EPF member may choose to track and consolidate them.
TRANSFERRING FUNDS TO ONE ID UNDER ONE UAN
Employees can log in to the EPFO member portal to check their employment history.
Use the UAN and password to log in to the EPFO member portal, navigate to ‘View’ and click on ‘Service History’.
The members can see the list of PF member IDs linked to their past and current employers.
After gathering details of all the previous IDs, the employee can transfer the funds by following these steps:
1. Log in to the EPFO member portal using the UAN and password.
2. Navigate to the top menu and select the ‘Online Services’ tab.
3. Click on ‘One Member-One EPF Account’.
4. Provide the previous member ID or old UAN to fetch the previous account’s details.
5. Choose the desired account.
6. Click on ‘Get OTP’.
7. An OTP will be sent to the registered mobile number.
8. Enter the OTP and submit.
The employee can monitor the status of the transfer through ‘Track Claim Status’.
Processing usually takes 10 to 15 working days, depending on different requirements, such as verification and approval.
