What Happens if PF is Not Transferred After Job Change: What happens if PF is not transferred while changing company for a new job? Can PF money get stuck in different accounts? Does creating more than one UAN affect the retirement fund? Is it necessary to transfer PF? How to transfer PF online?
How to Transfer PF from Old Company to New Company: In today’s time, young employees are changing jobs rapidly. It has become common to change companies every 2-3 years for better salary, new skills and growth. But meanwhile, a small mistake is harming the retirement fund of many people and that is ignoring PF (Provident Fund). Many people think that once they get a new job, the old PF will be managed automatically, but in reality this is not the case. Know what are the PF rules after changing jobs? What will happen if you are changing job in a new company and have not transferred PF and how to transfer PF from the old company to the new one? Know the complete details.
The biggest mistake is not transferring PF while changing jobs.
If you do not transfer the PF of the old company to the new company while changing jobs, then your money gets scattered in different accounts. This not only makes tracking difficult, but also loses the benefit of compounding in the long run. If you keep transferring PF continuously, a huge retirement corpus can be created. But due to carelessness, this money gets divided into small parts and becomes like a lost account.
The problem of multiple UAN can become a problem.
The most common mistake is creating more than one UAN (Universal Account Number). When the old UAN is not given while joining a new company, a new UAN is created. Due to this, the same person has two or three PF accounts. The result is that the PF balance gets stuck at different places and it becomes difficult to add it later.
Lost PF account and claim problem
After changing jobs for many years, people forget their old PF accounts. Such accounts gradually become inactive. Later, the claim process becomes lengthy and complicated due to KYC updates, documents and verification.
EPFO rules and easy solutions, how to transfer PF online?
According to Employees’ Provident Fund Organisation, it is very easy to transfer PF through UAN. In just one click you can add your entire PF to one account. The good thing is that now there is no need to go to the office or visit the old company for PF transfer. Employees’ Provident Fund Organization has made the entire process online through the UAN system. How to transfer PF, see the complete process below-
- First of all go to EPFO website and login by entering your UAN number and password.
- After login, go to the menu and select the option “One Member- One EPF Account (Transfer Request)”
- Here your name, PF details of old and new company will automatically appear. Verify correct information.
- If you have worked in multiple companies, all your old PF accounts will be visible. You can select them together.
- Now click on “Get OTP”. OTP will come on your registered mobile number, enter it and submit.
- As soon as you submit, your PF transfer from the old account to the new UAN linked account will start.
PF transfer: small caution, big benefit
Remember three things while changing jobs – transfer PF, keep the same UAN and keep KYC updated. Otherwise, a small carelessness today can turn into a loss worth lakhs of rupees in future.