New EPFO rule for you: No need to request for PF transfer on changing jobs

Did you know? From now on, you won't have to request the transfer of provident funds when changing jobs. Starting April 1, a major change has been implemented for subscribers of the Employees’ Provident Fund Organisation (EPFO).

Automatic transfer system

The EPFO has rolled out a system that enables the automatic transfer of an employee's PF balance when they switch employers.

Under the new system, employees whose Universal Account Number (UAN) is linked and fully compliant with Know Your Customer (KYC) requirements will find their PF balances automatically transferred to their new employer's PF account. This automatic transfer is triggered by the first contribution made by the new employer.

What is UAN?

UAN is a 12 digit unique number provided to each employee contributing to the EPF. The number, generated and assigned by EPFO, is authenticated by the Ministry of Labour and Employment.

This number remains the same for each employee throughout their life irrespective of the number of times they have joined new organisations.

How to check UAN?

Check UAN from the portal

Step 1: Go to the EPFO’s Unified Member Portal and click on ‘Know Your UAN Status' option

Step 2: Individuals will receive an authorisation PIN on the registered mobile number after submitting details

Step 3: Enter the PIN

Step 4: UAN will be sent to the registered email account and mobile number.

Check UAN number by phone number

Members/individuals registered on the UAN portal can get complete details with a missed call facility.

The process is straightforward: Just give a missed to 9966044425 from your registered mobile number.

Enhanced security for National Pension Scheme

In addition to changes in PF transfer rules, from April 1, the Pension Funds Regulatory and Development Authority (PFRDA) has introduced a mandatory two-factor authentication for National Pension Scheme (NPS) subscribers. This includes Aadhaar-based authentication to improve security for password-based users. This measure aims to protect the interests of subscribers and stakeholders by securing access to the central record-keeping agency (CRA) system.

Source from: https://www.business-standard.com/finance/personal-finance/new-epfo-rule-for-you-no-need-to-request-for-pf-transfer-on-changing-jobs-124040300403_1.html

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