People often during their working age neglect the fact that before their old age, they need to save a great amount of money so that they can live on the interest of it. However, sometimes it is not sufficient enough for a big family. To help a person in his old age, the Provident Fund Scheme has been established by the government. My father recently retired, so I researched about it a lot and would like to tell you more about what PF is and even how to transfer PF online.
What is PF?A PF is an investment fund that is established by both the employer and employee so that the employee can have some support after his retirement. Every month, a small amount of money gets deducted from the salary of the employee and gets deposited in his PF account. After retirement he gains the total money from this account that got saved throughout his career along with some extra bonus and interest.
How to transfer PF amount online?Provident Fund is the governmental scheme hence if you change a company, the PF will get shifted but can never be closed. In case an employee wants to shift the PF amount to another account, he or she needs to follow few steps that are:
Log in to the Employee Provident Fund Organisation portal or click on
https://unifiedportal-emp.epfindia.gov.in/epfo/
Click on the option Online services and then on One Member- One EPF Account (Transfer Request)
Provide all details correctly and mention the new PF account details as well to which you want to transfer the amount
Select Get Details option
Select Previous Employer option and provide the former member ID and UAN to get all details
Click on Get OTP after getting sure that the details are correct
You will get the OTP in the registered mobile number. Enter it in the box you will be shown and select Submit
You are required to fill up the online form 13 and provide PF numbers of both the new and old company
Tracking ID will get generated using which you can track its progress
DO not forget to print out the form and sign it. The form must be submitted to the employer within 10 days of getting it
The employers of both the previous and present company will review it and each of their approval is needed
The process might seem lengthy but is easy.
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I hope now you have been able to understand how to transfer PF online and other aspects related to it.
Read More:
What Is Employee Provident Fund?
Is PF Withdrawal Taxable?
Can We Withdraw PF While Working?
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Authors Of The Question
How to Transfer PF Online?
Varun Saxena
459 Views
1 Answers
2 Year
2022-05-18T19:18:15+00:00 2023-08-10T15:21:56+00:00Comment
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