The Employees’ Provident Fund Organisation (EPFO) has introduced a new system that will automatically transfer a subscriber’s provident fund balance to the new employer’s account at the time of switching jobs. Simply put, those taking up a new job will not need to manually submit a request for transfer of existing PF funds to the new employer’s account. The experience will henceforth be smooth, convenient and seamless. This new system will make it easy for employees to manage and continue their retirement savings while moving on from one job to another. jobs.
As per EPF regulations, employees are required to contribute 12 per cent of their monthly basic salary with the employers matching the same. In case employees who subscribe to EPF wish to withdraw their PF money to meet medical expenses, they can either withdraw their PF contribution with interest or up to six times their monthly salary, whichever is less. No waiting period or minimum work tenure is required. Therefore, it is a reliable source of finance in tough times. Employees with home loans that are outstanding can also withdraw up to 90 per cent of their PF fund to help repay the loan, provided they have completed at least three years in service. They can withdraw up to 12 times their monthly salary from their PF account for the purpose of renovating their house, provided they complete five years of service.
Meanwhile, the National Pension System will require two-factor authentication for logging in starting 1 April 2024. The same can be authenticated using the OTP received on mobile phones. This is part of the measures taken by the Pension Fund Regulatory and Development Authority or PFDRA, which is the apex body that manages the NPS.
14 Comments
Sir,
Pdf balance amount withdrawal pannanum sir
I want to check the epfo apply status
It’s very difficult to get pf claim as the pf office are rejecting claims without any valid reasons. Asper policy only we are applying for pf advance and without informing or notification they are rejecting and they didn’t receive calls as well after raising grievances.Govt should check this immediately for slowness and with transperancy.
What if we have changed jobs perviously and not transferred to current pf account
I have an pf account.I have balance or fund in my account.,meanwhile I have switched job to a new company where an I have a new account maintaining the same UAN number.As I am an old case before this new rule do I have to do anything to transfer the fund to my new account or it will be transferred automatically..please suggest..Thanks
How to apply automatic transfer system
Thank you for your information
Sir I request Please update the date of birth in my UAN. My document is 25/06/1991. My UAN is 01/01/1991. I have to get it done on 25/06/1991.
What about EPS pensioners who retired prior to 2014. Their contribution is not returned even after 12 years of their retirement.
Very nice article for employee
I have a pf problem this is my mobile number 9652399660
What about pension fund for those become 58 years & eligible to withdraw monthly pension.But cumbersome procedure to withdraw one’s own fund
I am affected by the EPFO. Retired more than 4 years back. Its of Two companies fund with EPFO where I worked. I withdrew some funds for my Daughters marriage in 2021. Now since i have no source of income and want to withdraw full money for my needs it says the bank and identity is not matching. No one responds properly to the calls. No proper response to email reminders. They are asking to change the identity, get certified from previous two employers and submit, which is not possible. How they paid earlier to same bank ??? I want my money. !@@!!!
I have switched over 4 companies so far but PF balance from previous company to present company. I have 4 PF accounts for each company. How to 4 companies PF balance to present company