How to transfer PF to new employer
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Procedure to transfer the old PF amount to new PF account
- At the time of joining a new organization, the company’s HR will give you forms for opening a PF account. When new PF account is opened and you would receive a new PF Number.
- Fill up PF withdrawal form (Form 13) with the details of your previous organization, including your previous PF number, previous employer and regional provident fund office details.
- Sign and hand over the Form ‘13’ in triplicate to your present employer/HR Department.
- HR will fill in the details of your current organization and attested it by the authorised signatory (of the new employer).
- HR then submit it to the regional PF office for transfer.
- The regional PF office then gets in touch with your previous regional PF office to effect the transfer. Ideally, the process should take around 30 days.
Note: In case you wish to withdraw your PF and the past employer is unavailable, the past employer is not available or the firm has closed down or liquidated. In such cases the employee has to submit an identity proof (Official government identity cards such as a PAN card, voters’ identity card, passport, ration card or an Employees’ State Insurance Corporation identity card are acceptable) and a proof of residence(For address proof, a copy of your electricity, water or landline phone bill or a driving licence would suffice). An attestation will be done by the bank manager (the bank account where your PF savings will be credited)
How to identify PF Number?
PF is an alphanumeric number on your PF slip. The first two letters indicate the regional PF office, which is in charge of your account. The next five digits are the employer’s code, followed by the employee’s code.
Why to transfer PF account?
- While you need to wait for two months to withdraw the money, the transfer takes place immediately.
- You have to pay tax if you withdraw your Provident Fund before completing five years. If you transfer it, you can earn more in the long run in terms of returns.
- You stand to receive 24 per cent of the amount standing to your account as pension once you are 50 years old, and full pension at age 58 onwards under the Employees' Pension Scheme.
- Up to now, there was not any problem in doing this because the older account keeps accumulating interest income over the period of time. However according to the new rules, after year 2011, after 3 years of inactivity, your PF account will stop earning any interest income.
What if old PF account is not transferred?
If you don’t transfer your previous balance, your previous accounts are live and accessible. You can withdraw or transfer the balance to your current PF account. But according to the new rules, after year 2011, after 3 years of inactivity, your EPF account will stop earning any interest income.
Where to get PF forms?
Provident Fund Transfer Form - 13 Revised - is attached herewith this article or can be down loaded from EPF India website - http://epfindia.nic.in/downloads_forms.htm
Points to remember while transferring Provident Fund
- Use the appropriate form for transferring Provident Fund
- Ensure that all columns of the application are filled completely.
- Information in the application form relating to name, a/c no. should agree with the details available with Employees' Provident Fund Organization; which were furnished by the employer at the time of enrolling to Provident Fund.
- Application should be signed by the member/claimant.
- It should be attested by the former employer. In case attestation by the former employer is not possible, it should be got attested by any other authorized official specified in application form.
- Application for final settlement can be sent by a member on completion of 2 months from the date of leaving service, if the reason for leaving service is other than superannuation, medical ground, retrenchment and V.R.S./ Female members getting married etc.
- Desired mode of payment can be given legibly, if the amount involved is more than Rs. 2000/-. The amount will sent by deposit in payees' bank a/c. To facilitate this, Bank a/c no., name and address of the bank should be furnished. An advance stamped receipt should also accompany this application.
- Application may be supported by the return Form-10, showing the details of leaving service and details of contribution for the year in Form-3A, if not sent earlier by the employer.
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