Provident Fund: Here’s How Employees Can Transfer Accounts From EPFO to Employer’s EPF Trust

Provident Fund Latest Update: Significantly, the transferring of the EPF accounts online is possible if both employers (old and new) are able to begin transfers through a common interface.

Written by: India.com Business Desk Edited by: Manmath Nayak

Published: March 8, 2022, 11:04 PM IST

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https://www.india.com/business/provident-fund-latest-update-heres-how-employees-can-transfer-accounts-from-epfo-to-employers-epf-trust-step-by-step-guide-here-5275681/ Copy

The EPF interest rate provided for 2019-20 was the lowest since 2012-13, when it was brought down to 8.5 per cent.

Provident Fund Latest Update: After changing job, the subscribers can transfer the Employees’ Provident Fund (EPF) account from the previous company to the new employer. But what if the new employer, unlike the earlier employer, operates a private trust for the EPF earnings, rather than depositing the EPF money with the Employees’ Provident Fund Organisation (EPFO)?

In such a case, what should the employee do? Will the employees be able to transfer money from the old EPF account to the new EPF account, from a private EPF trust and the EPFO?

The answer is simply yes! As per the latest guidelines from the EPFO, an individual can easily transfer the EPF account from the earlier workplace to the new employer, regardless of whether the previous or new account was/is held with trust or EPFO.

Significantly, transferring EPF accounts online is possible if both employers (old and new) are able to begin transfers through a common interface. Transfer of HoEPF account from EPFO to employer’s EPF trust.

Before starting the transfer procedure, the individuals or the employees must ensure that their EPF account is KYC-compliant, and that their Universal Account Number (UAN) is linked to their Aadhaar phone, and that the mobile number associated with their EPF account is linked to their Aadhaar number.

Here’s how to transfer EPF account from EPFO to employer’s trust:

• Enter your UAN and password to access your account on the Member Sewa site.
• After logging in, go to ‘Online Services’ and select ‘One Member- One EPF Account (Transfer Request).’
• A new window will open. The details of the new EPF account to which you want to transfer funds will be displayed here.
• Then, you will be asked to provide your new EPF account number.
• You will be asked to choose whether your online transfer will be approved by your current or previous employer.
• You should verify with your present employer to see if you can use them for EPF account transfer attestation.
• Then just enter your Member ID (prior EPF account number) if the UANs of your former and new employers are the same, or your old employer’s UAN if they are different.
• When you click ‘Get Details,’ the details of your EPF account will be displayed.
• Choose the account to which the funds will be transferred.
• Click ‘Get OTP,’ and an OTP will be delivered to your Aadhaar-linked mobile number.
• Enter the OTP, and your transfer request will be successfully submitted.