PF Transfer Delay Reasons: Why is there a delay in PF transfer and will EPFO 3.0 completely eliminate this problem? When will this new system be implemented? What are those mistakes which get stuck in PF and get you into trouble?
EPFO 3.0 PF Transfer Rule: Everyone is happy to change job, but after this a big headache also starts, transferring the old PF (Provident Fund) money to the new account. Even after trying many times and waiting for months, the PF money does not come. But now there is a very good news for you. The government is bringing a new digital system, named EPFO 3.0. After its arrival, your PF money will be transferred and withdrawn in a jiffy like UPI. Let us know what problems are faced in PF transfer now and how the new system will eliminate them…
6 biggest reasons for PF money getting stuck
1. Incorrect information in profile (spelling mistake)
Even a small letter mistake in your name, date of birth, address or bank account number stops the entire process. If the records of your old company and the new company do not match, then the transfer request is sure to be rejected.
2. Delay in submitting transfer request
As soon as you change jobs, the first thing you should do is to give the details of your old PF to your new company. If you delay too much in sending the transfer request, then technical problems increase later.
3. Having more than one UAN number
According to the rules, there should be only one UAN (Universal Account Number) throughout life. But if you do not tell the old UAN to the new company, then they generate a new UAN. Due to having two UANs or due to the old company not updating your ‘Exit Date’, the money gets blocked.
4. Laziness on the part of the company
Many times, employees do everything right from their end, but due to the negligence of the company’s HR department, the documents are not uploaded on time or the digital signatures are not approved, due to which the file does not move forward.
5. Aadhar and PAN card not linked
If your UAN is not linked to your Aadhaar and PAN card, your account may become inactive (closed). Without this, no work is possible online on the PF portal.
6. Government office visits and system load
Even after everything is fine, lakhs of applications remain pending with EPFO (Employees’ Provident Fund Organization). Due to their server malfunction, lack of coordination between offices and paperwork, the work gets stuck for weeks and months.
What is EPFO 3.0 and how will it relieve your tension?
EPFO 3.0 is actually a huge and modern digital upgrade of the PF department. Its direct objective is to make PF work completely paperless and instant. There are going to be two biggest changes in this new system.
1. Work with face scan (Face ID)
You no longer need long lines or complicated credentials. You can activate a new UAN, view passbook and update KYC by just showing your face (Face Authentication) by visiting the UMANG app.
2. Money will be withdrawn through UPI and ATM
Just like you send money to friends through UPI, similarly PF money will also be transferred directly to your bank account. You will even be able to withdraw PF money from UPI-supported ATMs. If your Aadhaar is to be linked for the first time or any correction is to be made in it, now you can easily correct it sitting at home through the Joint Declaration option by visiting the portal.
When will EPFO 3.0 be implemented?
According to Labor Minister Mansukh Mandaviya, the government has completely completed the testing of this new UPI-based system. During the test, the PF money reached the employee’s bank account directly without any interruption. Although the government has not announced any fixed date yet, it is expected that it will be rolled out for the general public very soon.