As per a leading business daily report, the retirement fund body, EPFO is likely to begin with the process of automatic transfer of PF amount on job change this September. The process shall do away with the otherwise cumbersome process of filling number of forms and may take just three days time.
Mostly when it comes to EPF money transfer along with interest payment to new company account upon job change, individuals contributing to PF account while in service due to the hassle involved prefer to withdraw the amount instead of transferring. As a result the sole purpose for which the account i.e retirement corpus creation gets defeated. Nonetheless, to counter the issue, EPFO shall likely begin with the automatic transfer facility this month.
To transfer EPF account balance from past employer to new employer
For the transfer to effect online, you need to visit the EPFO website. Eligibility for the transfer to happen on an online basis can be checked on the same portal. For it you need to provide your old as well as new PF account details. Further, you can check the transfer claim status online on the EPFO portal.
But soon only sometime from now, the process shall be a automated one and the credits into the account of the new employer shall be made within 3 working days.