Now your PF will automatically transfer as you change jobs. Know what you need to do
facebooktwitter

Now your PF will automatically transfer as you change jobs. Know what you need to do

Composite  Declaration Form help EPFO members to automatically transfer their money from the provident fund account with the previous employer to the new account

 Renu Yadav   
  • New Delhi,  September 27, 2017  
  • |  
  • UPDATED   11:54 IST
Now your PF will automatically transfer as you change jobs. Know what you need to do

As a part of Digital India initiative, Employees' Provident Fund Organisation (EPFO) has launched a new form, Composite  Declaration Form (F-11,). It will help EPFO members to automatically transfer their money from the provident fund account with the previous employer to the new account.  EPFO has been consistently taking different measures to improve the experience of its members who monthly contribute a part of their salary to employee's provident fund (it endeavours to go paperless by August next year).

But remember this facility is only available for those employees who are Aadhaar verified -- those employees who have linked their universal account number (UAN) or employee provident fund account with Aadhar. UAN is a 12-digit portable number which acts as an umbrella for multiple member IDs (created when an EPFO member changes jobs) allotted to a EPF subscriber during the term of employment.

Aadhaar is used for KYC (know your customer) verification as it contains details such as name, date of birth, photo of the person. This new form will replace the existing Form-13 which was used by the EPFO members to transfer funds from one account to another in case of change of job. In case of those employees who are not Aadhaar verified, they will still have to use Form 13 to transfer money from one account to another.

Composite  Declaration Form (F-11), is a new declaration as well transfer request form which has to be filled by the employee at the time of joining of an organisation. Therefore, those employees who are becoming EPFO members for the first time will also have to fill up the same form. The form will contain  details such as the Aadhaar, permanent account number (PAN) if available, UAN, the details of previous employment (date of joining and date of exit) and if there was any non-contributory period, employer name and address.

The fund transfer can only be done through the immediately preceding organisation as per a senior EPFO official.The duly filled form will have to be submitted by the employee to the employer who will use the details filled in the form and upload them online using its login. Aadhaar will be used by the EPFO to e-verify details mentioned by the employee. Generally, a transfer request takes upto 20 days from the date of submission of request but online it should take much less time, said the EPFO official. EPFO has made it mandatory to link Aadhaar to employee provident fund account. By linking Aadhaar with the EPF account, a member can also file claim online directly without the attestation from the employer. Also, the claim amount will be directly credited to the employee's bank account.

Therefore, link EPF account with Aadhaar if you haven't done it yet.