Switching jobs? Your EPF account will be robotically transferred – right here’s how EPFO facility works, guidelines and exceptions | Enterprise

EPF automated account switch: The Workers’ Provident Fund Organisation (EPFO) presents a handy resolution for its members when altering jobs: automated switch of EPF accounts. Regardless of its usefulness, this facility stays comparatively unknown.As per an ET report, the automated switch simplifies the method for EPF members switching jobs, enabling them to seamlessly transfer their PF balances with out the necessity for on-line or offline switch requests.The switch happens robotically from the previous employer to the brand new one, sparing members the effort of managing the switch themselves.Vaibhav Bhardwaj, a Accomplice at INDUSLAW, stated that EPFO’s automated EPF account switch has been operational since 2017.Does each EPF member have entry to the automated switch service?Nevertheless, it is vital to notice that not all EPF members have entry to the automated switch facility from previous to new employers. It is solely obtainable for these whose EPF accounts are managed by EPFO. Exempted PF trusts will not be included on this automated switch possibility.Gupta explains that if both the earlier or present firm operates a personal provident fund belief, the auto-transfer characteristic is not going to operate. A personal PF belief oversees the provident fund contributions of workers inside the respective firm, somewhat than via the EPFO. Nevertheless, it should nonetheless adjust to EPFO rules.Bhardwaj provides that EPF members transferring their previous EPF account to a brand new EPF account, whether or not from EPF to an exempted belief or vice versa, or between exempted trusts, might want to apply for switch utilizing Kind 13, both on-line or offline.ALSO READ | EPFO fixes Workers’ Provident Fund rate of interest for 2023-24 at three-year excessive; particulars hereRequirements for automated EPF transferThe EPFO has set particular necessities for automated EPF account transfers from previous to new employers. These circumstances, outlined in a November 2017 round, embody:(i) Matching UAN and Aadhaar numbers supplied by the brand new employer with present particulars within the UAN.(ii) Aadhaar variety of the EPF member should be linked and verified with the UAN at their earlier office.(iii) Availability of EPF member’s particulars similar to date of becoming a member of, date of exit, and purpose for exit from the previous employer.(iv) Activation of EPF member’s UAN, with a registered cellular quantity.Bhardwaj additional explains that when an worker begins a brand new job and receives their first month’s provident fund contribution from the brand new employer, an automated switch is activated. This triggers the switch of the EPF member’s earlier provident fund dues to their new account.As soon as the method is triggered, an SMS and electronic mail notification inform the member concerning the initiation of the auto switch. Sandeep Agrawal, Director and Co-Founding father of Teamlease Regtech, stated that for automated switch claims, there is no requirement to submit Kind 13. Nevertheless, if the automated switch would not happen inside the specified time as a result of points like mismatched dates of exit, not up to date exit dates by a earlier employer, member particulars mismatch, or pending UAN Aadhaar seeding, members can go for on-line Kind 13 to switch EPF and EPS accumulation from the earlier employer to the current one.Confirm if the automated EPF switch is successfulOnce an EPF member receives SMS and electronic mail notifications concerning the auto switch of their EPF account, they need to confirm if the switch has been profitable.Puneet Gupta, Accomplice at Folks Advisory Providers EY India, mentions that the auto switch course of will solely be finalized if the member would not request to cease it inside 10 days of receiving the notification, both on-line, via the employer, or on the nearest EPFO workplace. Moreover, the switch might be accomplished after the primary contribution from the brand new employer is deposited and reconciled.ALSO READ | Provident Fund rate of interest FY24: EPFO more likely to suggest 8% fee for FY24The automated EPF switch follows an analogous course of to guide requests. Specialists counsel that it could take 2-3 weeks for the automated switch to finish.Sandeep Agrawal provides that members can affirm the switch by checking their passbooks. By logging into the unified portal and navigating to ‘View Passbook,’ members can see a credit score entry if their PF has been efficiently transferred.EPF members can cease automated EPF account transfersEPF members have the choice to halt automated transfers if they like. They’ll achieve this inside 10 days of receiving the SMS notification concerning the auto switch initiation. This may be completed on-line by way of the Member e-Sewa portal or offline via their present employer or by visiting the closest EPFO workplace.Gupta has talked about the steps for stopping the automated switch on-line:1. Log in to the EPFO Member portal.2. Navigate to the “Online services” tab and choose “Track claim status.”3. Select the choice “Stop auto-initiated claim cases.”If the auto switch request has been triggered, it is going to seem underneath “Stop auto-initiated claim cases,” offering the choice to halt the switch. After stopping the EPF switch, the member will obtain communication by way of SMS to the cellular quantity linked to the UAN and the registered electronic mail handle.

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