Online EPF Transfer and Withdrawal
Employees Provident Fund Organization has come up with such an easy way to transfer EPF online. With the introduction of online transfer and withdrawal has made it quite easy for the employees. The EPF transfer forces the employee to withdraw or just leave the amount in the account, which lead to maintaining of multiple EPF accounts, but with this online transfer and withdrawal option, there is no need to face such problems anymore. Now employees can easily transfer the EPF balance with the help of UAN. You are just a click away from the online transfer of EPF.
This online transfer will benefit a lot in terms of savings. By using this new procedure, most of the employees don’t transfer the amount after changing the job. With the online transfer and withdrawal of EPF, many of the issues will be handled easily. In this article, we will be discussing on how to perform Online PF transfer, how it will make everything easy, how it works, and about EPF withdrawal process.
Advantages of Online EPF Transfer and Withdrawal
- The online transfers and withdrawals will make the EPF transparent. The employee can track the application in a single click.
- All the applications of online EPF Transfer and Withdrawal will be tracked from the Delhi office, which makes regions PF officials more accountable.
- The application processing takes less time. The PF transfer can happen in just 2 weeks.
- EPFO holds the responsibility to get a response from the employers. Generally, the employer needs to perform paperwork on the resignation of the employee, but now with just one click, he can attest the application form.
- Also, as the process is online, there are fewer chances for making mistakes, which will ultimately save time.
Online EPF Transfer
EPFO is the one that facilitates PF to the employees. It invests the PF saved by the employee in safe option and assures return after retirement. Instead of meddling the employee in this process, an employer will take care of all the paperwork, authentication and deduction of certain pre-defined amount from the salary. The employee needs to provide self-authentication to EPFO, an employer will take care of it. EPF transfer or withdrawal will happen only after the initiation of employee authentication. The employer used to verify and send the application form to the regional PF office, which will take a long time for processing, but with the introduction of online EPF Transfer and Withdrawal, everything came handy.
- With the online process, an employee can submit an application directly to the EPFO, which will be sent to regional PF office, previous employer and present employer.
- The regional PF office tracks the application with the employer.
- Employers will receive the message of application that will need to attest it, which completes the authentication of the employee. The employer needs to confirm that the original employee applied for PF Transfer and Withdrawal. For that, an employee will be asked to submit a hard copy of the application to the employer.
- After that, employer attests your application with a digital signature.
- EPFO will now carry out the processing of EPF Transfer and Withdrawal.
Process of Online EPF Transfer and Withdrawal
- The first thing that the employee needs to do is check the eligibility to avail online transfer.
- An employee can fill the application form by visiting the official web portal of EPFO.
- After submission of application take a printout of it and submit it to present or past employer.
- The submitted application will go the regional PF office.
- After the verification from the employer, EPF will be transferred to the employee’s account.
How to transfer your EPF Online?
The whole concept of online transfer and withdrawal of EPF depends on digital signatures and UAN. EPFO has issued the UAN to about 4 crore employees. Though online transfers worked out, the online withdrawals are yet to come into light.
- Just with the help of UAN, the online transfer of EPF is not possible, so it appended KYC with UAN.
- Though Aadhar can be helpful to make online EPF withdrawal, many of the employees failed to link their Adhaar number with UAN.
Nevertheless, the EPF withdrawal will soon see the light. EPFO has recently introduced online facilities to download UAN passbook and check PF balance online. A mobile app has also been launched.