Employees Provident Fund: What are the benefits of online transfer?

Investment

oi-Sneha

By Sneha B K

Updated: Thursday, May 9, 2013, 15:41 [IST]

In India, many employees switch their jobs during the year for better opportunities and for a hike in annual salary. But, whileswitching jobs, a common problem faced by employees is with transferring theirEmployee Provident Fund (EPF) account from one company to another.

Currently, you need to give physical application to transfer your EPF account from one company to another while switching job, which lacks transparency in process and takes years or months to complete the transfer.

In the past, there were cases of people getting frustrated and they didn't have any clue on which desk their application was lying and the waiting period to complete this transfer of account. Now, to make the process smooth and simple, EPFO has announced launch of online facility of EPF transfer and withdrawal from 1st July, 2013. Also read should one transfer or close epf?

Benefits of Online EPF Facility

• Online facility will reduce the hassle; there will be transparency in the process.
• You will get a facility to track your request by just one click online and also be able to see which stage your application has reached.
• Application process will be quick as employees at EPFO office will not be required to data feed physical application in the system, saving their time. Employees at EPFO now will work directly on more constructive areas such as verifying the details and then complete the procedure smoothly.

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