EPFO money transfer: It is important that you transfer your pension fund (PF) to another account after changing company or job. If you want to withdraw funds from your PF account or transfer PF money to another account, then you should read this news.
There are times when our previous company forgets to enter the departure date into the EPFO system after changing jobs, which makes it difficult for employees to transfer the PK balance later. We could also forget to transfer our PF account when changing jobs.
Previously, only the employer could enter or update information such as the employee’s entry and exit dates. It was also difficult to withdraw or transfer funds from the Employee Provident Fund (EPF) because the employer did not update these two dates.
But now the Employees’ Provident Fund Organization (EPFO) makes it easy for its members.
Now employees can update the leaving date themselves
The EPFO now enables its members to enter the exit date into the EPFO system themselves and is not dependent on the company. With this new update, withdrawing and transferring funds from the Fund has become easier. Entering the “departure date” in your PF account is very easy, you can also do this online from home.
It should be noted that the date entered cannot be edited later. In order to enter the leaving date after leaving the job, you have to wait two months, as it can only be updated after two months after the last contribution from the employer on the pension fund account.
To update the exit date in EPFO:
Step 1 Mark exit Step 5: You see in the drop-down list Select employment, select the old PF account number that is linked to your UAN Step 6: Details about this account and this position are displayed here Step 7: Now enter the date and the reason for quitting the job. The reasons for leaving the job can be options like retirement, short-time work. Step 8: Click on ‘Request OTP’. Step 9: Now enter the OTP and click on the checkbox Step 10: Click on Update, then OK and now you are done.
