PF Money Transfer Is Easier Now: Know How

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Earlier a lot of paperwork required for EPF transfer claim for those who switched jobs. After then the online transfer claim of EPF by Employees' Provident Fund Organisation (EPFO) has made it easier for anyone opting for a change in job. But there was a problem of claim rejection. Your online claim can get rejected by the employer even when you believe that you have done all the steps correctly to file for transfer claim.

Retirement fund body EPFO's subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs as it will now be done automatically.

F-11 form

Now, at the time of joining the new employer, the employees can give details of their previous EPF account in new composite F-11 form to give the declaration about their details, a senior official said. Once the old EPF account details are provided in the F-11 form, the funds will be automatically transferred by the EPFO to new EPF account, the official added. The Employees' Provident Fund Organisation (EPFO) has decided to use new F-11 composite form, which is a declaration document filed by the employee through the employer to provide details like bank account number and Aadhaar. How To Withdraw EPF And EPS Online?

F-11 to replace Form No 13

At present, the formal sector employees are required to file Form-13 for EPF transfer to their new account on changing jobs. The EPFO has also decided that the composite declaration form (F-11) will replace Form No 13 in all cases of auto transfer. The body receives over one crore different type of claims, including EPF withdrawal, pension fixation, death claims and EPF transfer claims. The transfer claims constitute 10-15 per cent of the total claims filed by subscribers. How To Link Aadhaar With Your EPF Account Online?

Online EPF transfer

The body has been running online transfer claim portal to encourage subscribers to seek transfer of funds into their new EPF accounts when they change job. The EPFO has introduced Universal Account Number which is a portable EPF account number that remains the same throughout the lifetime of a formal sector worker. Now, the EPFO has a subscriber base of over four crore and manages a fund size of over Rs 10 lakh crore. What Is Inoperative EPF Accounts? Know More About It

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