Recently The Employees’ Provident Fund Organisation or EPFO has introduced a new rule. This will simplifies the process of transferring Provident Fund accounts for employees who are changing jobs. This change is effective from January 15, 2025, allows workers to transfer their PF accounts without the need of their old or new employers to verify the transfer. How this process works? How you can opt for this? Lets find out in this article.
New EPFO Rule to Transfer PF Account
Self-Claiming Process: Now, employees can handle their PF account transfers on their own. They don’t have to wait for their companies to approve the transfer, which makes everything faster and more transparant.
To take advantage of this new rule, employees must make sure their Universal Account Number (UAN) is linked to their Aadhaar. Apart from this all personal details like name and date of birth must match across their accounts. But you need to make sure two things, those are :
- If your account number was given out after October 1, 2017, and it’s linked to one UAN, you can transfer it easily.
- If your UAN was issued before 1st October 2017, you can still transfer your funds as long as the details match within the same UAN.
Importance of This Rule Change
This new rule change can be a game-changer for many private sector employees who switch between jobs. Now they don’t need to get approval from their employers to make the EPFO transfer process and everything will be happening much smoother.
