Are you one of the thousands of professionals who have moved jobs and forgot about your PF Account with previous employer?
If yes, then it is the right time to get your previous PF account balance transferred to the new PF account with current employer.
In this post, I have tried to explain what to do with your EPF account if your old EPF account has been inoperative for a long time.
A. How to check your PF balance online (in your current & old PF Account)
I have explained the process of checking PF Account balance online in my earlier post.
How to Download PF statement using ePassbook facility
B. Why should I transfer my EPF Account?
As per current PF rules, interest will not be paid on Inoperative PF Accounts. As on Dec 2012, more than Rs 20000 crore is lying in approx 40 million inoperative PF accounts.
However, the EPFO has decided to pay interest on your inoperative account retrospectively if you transfer your old account to your current PF account.
C. When does the EPF Account become inoperative?
If no contributions have been made to your EPF account for 36 continuous months or more the EPF amount is transferred to an inoperative account. From financial year 2011-12 no interest is paid for such inoperative accounts.
So, if you switched your last job at least 3 years back and did not transfer your EPF account to your current employer, then it is likely that your old PF account is inoperative and not earning any interest.
D. Should I transfer EPF or withdraw EPF, when I switch jobs?
As per PF rules, when you switch job, you only have ONE option – “TRANSFER to new Employer PF Account”.
PF withdrawal is only allowed, if you are unemployed for at least 2 months.
However, many employees withdraw money from old PF Account just by declaring that they are out of job for 2 months. They submit the withdrawal form after 2 months of leaving the last employer. As the PF data is not centralised, or no unique PF ID number is in place, it is difficult for them to track whether the employee has joined another company.
However, it is better to get the PF transfer both from interest earning & taxation perspective.
E. How to transfer EPF Account Balance Online?
From Jul 1 2013, EPFO is planning to launch online application system for transfer / withdrawal of PF. As per previous experience with their initiatives, they are always behind schedule and things do not work smoothly for few months after launch. So I suggest that you should wait for 2-3 months after launch to use this online facility. Read this complete News
Once this online facility is launched, I will post the details.
UPDATE 05-July-2013 : EPFO has unveiled new PF Transfer Form for online / offline PF transfer. But full fledged service of online transfer of provident fund transfer claims will be launched in Aug 2013. Read the complete news
F. How to transfer EPF Account Balance from one company to another
- Get Form 13 for EPF Transfer from your HR or Download from EPFO wesbite
- Fill in the details like details like account holder’s name, name & address of previous employer, EPF account number with previous employer, dates of leaving previous company and joining present company and signature. Ensure these details are accurate to avoid delays or rejection of application
- Submit filled Form 13 to your HR department
- Your HR dept will submit the form to PF Office who will get in touch with regional office of previous EPF account.
G. How much time it takes to get PF transferred?
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