Online EPF Transfer and Withdrawal from 1st July, 2013
Transfer and Track EPF Online
“EPF withdrawal or transfer is only one click away”, Yes you read it right, starting 1st July, 2013, EPF account holders will be able to withdraw or transfer their PF account balance online from one employer to another employer, a move aimed at speedy settlement of claims.
EPFO have decided to set up a central clearance house which will be operational on July 1, which enable subscribers to apply online for settlement of the withdrawal and transfer of funds claims.
This move aimed to solve out the biggest problem faced by the subscribers while transferring their accounts at the time of change of job which at present takes months or sometime years.
Tracking Application Status
This central clearance facility will expedite the process and also this facility will enable subscribes to track online the status of their applications for transfer and withdrawals.
Permanent PF a/c number
EPFO is also planning to provide Permanent Account number to the account holders under which an employee once enrolled to EPF shall use the same account number when s/he moves to another employer. But this process will take considerable time since there are over 50 million EPF subscribers in India.
How the New System will Work?
Under the new system, the responsibility of verifying the details of the PF account from previous employers would be on the Employees Provident Fund Organization (EPFO). At present, employees have to get their applications verified from their employers for settlement of claims.
All you will have to do is just file an online application for transfer or withdrawal and rest of the work like gathering all the information from your previous owner and current employer, required to fulfill your request shall be done by EPFO. Although the time for the completion of the whole process is not yet mentioned but obviously it will take much less time.