Online PF transfer and withdrawal from July 1, 2013


Online PF transfer and withdrawal from July 1, 2013Online PF transfer and withdrawal from July 1, 2013

One of the painful problems an employee faces when he/she changes the job is, transferring or withdrawing Provident Fund amount from old employer. Employee Provident Fund Office (EPFO) has announced few days back about automating the process of PF transfer and withdrawal / settlement. In this article we would discuss about this new process and how it would run and benefit subscribers or EPFO or employees.

Long awaited process for EPFO subscribers

EPFO subscribers have been waiting for this new process for long time. There are 50 million subscribers of retirement fund body EPFO who would get benefitted with this new process. EPOF would set-up a central clearance house to take care of the online PF transfers or settlements, which would be operational from July 1, 2013.

Also Read: How to check EPF balance online.

Currently, if anyone changes the job, he/she needs to approach the previous employer for PF transfer. This is so painful that it would take several months to get clearances and transfer the amount. Since several individuals move from one company to another company for better career, transferring the PF from previous employer to current employer is a night mare.

How the Online PF transfer and withdrawal would work?

  • An EPFO subscriber needs to log into www.epfindia.com and provide his PF number and other relevant details online.
  • Once he submits his request for either transfer or withdrawal, a tracking number would be generated. This number would be used to track the status of the application.
  • The PF transfer request would be sent to previous employer and EPFO. Since the onus is on the EPFO to verify the same with previous employer, there is strict deadline by them to employers. EPF would verify the data with previous employer and with current employer and makes the PF transfer.
  • In case, anyone is applying for withdrawal of the Provident Fund amount, EPF would take the responsibility of verifying with previous employer and settles the Provident Fund amount to the subscriber.
  • There is no further involvement of an employee during this transfer.
  • The above process looks simple as the onus lies with EPFO and entire process is through online.

You may also like: How to check income tax refund online

In the long run, EPFO want to provide permanent account numbers for their subscribers so that there would be only one PF number for an employee irrespective of the number of employers he is working for.

Conclusion: This new process would definitely benefit an employee and save time and energy. An employee can concentrate on better things rather wasting his time on this avoidable activity.

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Suresh
Online PF transfer and withdrawal from July 1, 2013


There are 70 comments left Go To Comment

  1. jatinder singh /

    hi actualy maine apna p.f registersd krva diya hai pf office me toh bta skta hai kitna time lgta hai account me transfer hone ko actualy maine withdrawn krvana hai plz

  2. Wishwajeet L /

    I have checked my online status. And the same is as below. When should I expect the credit to happen.Claim ID : MHBAN141200011434
    Status : Claim Form 10C for Withdrawal Benefit AGAINST Member Account No () has been approved. Payment is under process.

    Claim ID : MHBAN141200011430
    Status : Claim Form 19 for PF Settlement AGAINST Member Account No () has been approved. Payment is under process.

  3. Wishwajeet L /

    Hi ,

    My PF status is shown as below. Can anyone help in telling me appprox time for a credit to happen post this status gets updated.

    Claim ID : MHBAN141200011434
    Status : Claim Form 10C for Withdrawal Benefit AGAINST Member Account No () has been approved. Payment is under process.

    Claim ID : MHBAN141200011430
    Status : Claim Form 19 for PF Settlement AGAINST Member Account No () has been approved. Payment is under process.

    1. Venky M /

      Within 1 week amount would credit into ur account after getting messages from pf office. ….

      1. nilkanth sonar /

        My claim withdrawal status is as mentioned below :

        CLAIM FORM 10C FOR WITHDRAWAL BENEFIT/SCHEME CERTIFICATE FOR MEMBER ACCOUNT NO MHBAN00437760000009475 HAS BEEN RECEIVED ON 08.12.2014 IS UNDER PROCESS.

        how much time it will take to get the credit to my bank account ?

        thanks in advance

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