Best-Investments-Businesss-Ideas

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.

If you enjoyed this article, share this with your friends and colleagues on Facebook and twitter.

Suresh
Online PF transfer and withdrawal from July 1, 2013

Suresh KP

70 thoughts on “Online PF transfer and withdrawal from July 1, 2013”

  1. How long will it take the amount to be credited. when the claim has been approved. Payment is under process.

  2. How many days it takes for the amount to be credited
    The status of my Claim is

    Claim ID : KDMAL141000000247
    Status : Claim Form 10C for Withdrawal Benefit AGAINST Member Account No (KDMAL00452970000004156) has been approved. Payment is under process.

    Claim ID : KDMAL141000000240
    Status : Claim Form 19 for PF Settlement AGAINST Member Account No (KDMAL00452970000004156) has been approved. Payment is under process.

  3. Hi, I had transfer my PF from my previous company to my current company, Now I have resigned.
    PF Membership Date is showing in my current PF statement is 01.12.2008 and I want to withdraw it on Oct-2014.
    In my previous company I had 30 months old PF account and in current company it is 52 months, total is 82 months (6.8 year).
    I want to know, if I withdrawn my PF is there will be any tax deduction? if so then what will be the percentage of tax deduction.
    Please let me know it is very urgent. Thanks

  4. Hi Chandrakant, I had transfer my PF from my previous company to my current company, Now I have resigned.
    PF Membership Date is showing in my current PF statement is 01.12.2008 and I want to withdraw it on Oct-2014.
    In my previous company I had 30 months old PF account and in current company it is 52 months, total is 82 months (6.8 year).
    I want to know, if I withdrawn my PF is there will be any tax deduction? if so then what will be the percentage of tax deduction.
    Please let me know it is very urgent. Thanks

  5. Hi,

    Can u please tell that if a company has more than 20 employees but still it is not giving pf facility to all of them.Just there are 6 to 7 employees who are getting their PF deduction because there salary is 5 to 6 thousand monthly.Moreover the company is even not providing any mediclaim,esi,salary slip(only monthly income) pl,cl,sl..

    is it legal.

    Regards

Leave a Reply

Your email address will not be published. Required fields are marked *