The Employees Provident Fund Organisation (EFPO) is taking steps to make the transfer of PF, in the event of a job change, easy on the subscribers. The organisation is planning to automate the PF transfer process for convenience in the tracking of the retirement funds, including the contributions made by former employees and the accrued interests.
Under the current regime, the subscriber is required to provide the new employer with the UAN for the Employee Provident Fund (EPF) contributions. Since the UAN account alone does not show the EPF contributions made by the subscriber’s former employers, the subscriber has to make an online claim to get the details of the contributions made in their previous jobs.
The automation of the process will eradicate the need to manually file the PF transfer claims with each change of job. The plan is being tested at present and is expected to be implemented in the coming year.
To avail this benefit, employees will have to furnish their UAN and the previous PF number and fill in the Composite Declaration Form (F-11). Post this protocol, the EPF contributions and interest accrued from the previous job will be automatically transferred when the new employer files the monthly EPF return through the UAN of the new employee.
This initiative is aimed at making the manual transfer procedure less cumbersome while also making it an entirely paperless operation.