Many employees forget to transfer the balance from their previous provident fund (PF) accounts when they change jobs. Some of them even withdraw the money from PF account. Since PF is meant for one's retirement years, financial experts suggest that the accumulated savings should not be withdrawn during one's working years. To encourage employees consolidate multiple accounts, Employees' Provident Fund Organisation (EPFO) has launched a special drive called "One Employee-One EPF Account"
http://oeoea.epfoservices.com/UANDEDUP/
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http://oeoea.epfoservices.com/UANDEDUP/
Here re is a 10-point Step :
- EPFO has set up
a special portal for the "One Employee-One EPF Account" drive.
Under this drive EPFO will actively help those who want to transfer the
balance from their past PF accounts to current PF account which is linked
to universal account number (UAN).
- You need to
enter your activated UAN along with your current UAN-linked PF number and
mobile number registered with the EPFO.
- Both your UAN
and PF number is mentioned on your salary slip. If your UAN is already
activated, you will be directed to the next page after you enter
One-Time-Password (OTP) that you will receive on filling up the details
- Then you will be
asked to enter the details of your past PF numbers that you want to be
transferred to your current PF account. Up to 10 past PF numbers can be
added under this facility.
- The numbers
provided by you are sent to EPFO offices in which your past PF money was
deposited. The offices will in turn get in touch with the employers. After
the employer verifies the PF claim, the transfer will be done.
- The EPFO
regional office will get in touch with you in case you face any problem
after filing PF balance transfer request.
- Although the
facility to transfer PF balance online existed earlier, it could be used
if the details of the previous PF accounts are available in the EPFO
database and the employers have digital signatures.
- The retirement
fund body has been advising subscribers to link all their PF account
numbers with the Universal Account Number (UAN). With the enactment of the
Aadhaar Act, 2016, EPFO is seeking to make Aadhaar the primary identifier
for consolidating PF accounts.
- The UAN was
launched in October 2014 to enable members have continuity in their PF
membership on change in jobs. The UAN remains portable throughout the
lifetime of an employee. All active subscribers have been allotted a UAN
which needs to be linked to AAdhar, PAN and bank account.
- Employee contributes 12 per cent of basic salary to PF. The employer too has to contribute the same amount towards Employees' Provident Fund as its share.
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