Employees’ Provident Fund Organization (EPFO) is one of the World’s largest Social Security Organization in terms of business and the volume of financial transactions undertaken. The government has introduced New EPFO Rules under which the the Employees’ Provident Fund Organization (EPFO) has implemented an automatic transfer system for the provident fund balance. To know more about EPFO you can go to the official website at https://www.epfindia.gov.in/site_en/index.php. Further in this article we will discuss about this program in details including Key Highlights, Objectives, Benefits & Features, Eligibility Criteria, Required Documents, Procedure to Check Universal Account Number (UAN), etc.
Table of Contents
About EPFO & Its New Rules
The Central Government in agreement with the powers conferred by section 6A of the Employees’ Provident Fund and Miscellaneous Provisions (EPF and MP) Act,1952 has established Employees’ Provident Fund Organization (EPFO). The Employees’ Provident Fund came into existence with the declaration of the “Employees’ Provident Funds Ordinance” on 15th November, 1951. On October 1st, 2014 the Government of India has launched a Universal Account Number (UAN) for employees which is covered by EPFO to enable Provident Fund number portability. A new rule from April 1 regarding transfer of Provident Funds on job change has been came into effect. Employees would no longer has to submit manual request for obtaining provident fund when switching jobs. EPFO has implemented the system of automatically transferring Provident Fund (PF) balance of employees on changing jobs.
Key Highlights of New EPFO Rules
| Name of the Scheme | New EPFO Rules |
| Launched By | Central Government of India |
| Launched Date | 15th November 1951 |
| State | Across the Country |
| Year | 2024 |
| Objective | To provide easiness in obtaining provident fund |
| Beneficiaries | Citizens of India |
| Benefits | Automatically transferring of Provident Fund (PF) balance of employees |
| Form of Benefit | Provident Fund |
| Mode of Application | Online |
| Official Website | https://www.epfindia.gov.in/site_en/index.php |
Objectives of New EPFO Rules
The objectives of the New EPFO Rules are as follows:
- The primary objective of introducing New EPFO rules is that EPFO will automatically credit your PF balance to your new employer’s account to ensure hassle free transition for employees.
- The government aims to eliminates the need for EPFO account holders to manually request PF transfers when joining a new organization.
- Under New EPFO Rules, the employees whose Universal Account Number (UAN) is linked and is fully compliant with Know Your Customer (KYC) requirements will see their PF balances automatically transferred to their new employer’s PF account.
Benefits & Features of New EPFO Rules
Here we have provided some benefits & features under New EPFO Rules, which are as follows:
- The Employees’ Provident Fund Organisation (EPFO) has administered the system of automatically transferring the provident fund (PF) balance of employees when switching jobs.
- This will ensure hassle-free transition for employees as EPFO will automatically credit the PF balance to the new employer’s account.
- If the employee’s Universal Account Number (UAN) is seeded and it is fully KYC-compliant, a member need not to file any transfer claim on change of employment according to New EPFO guidelines.
- As per the new EPFO Rules, whenever an employee joins a new job and the first month’s salary is credited to the PF account an auto trigger will be generated for transfer.
- This automatic transfer will be carried out automatically if not stopped by the member.
|PMRY| प्रधानमंत्री रोजगार योजना
Eligibility Criteria
Given below are the eligibility criteria to avail the benefits under New EPFO Rules:
- User must be a permanent resident of India.
- Employees should be working in any government or private sector are eligible to avail the benefits under New EPFO Rules.
- Age of the Employees should be minimum 18 years old or above.
Required Documents
Candidate should have these documents to avail the benefits under New EPFO Rules:
- Aadhaar Card
- PAN Card
- Salary Slip
- UAN Number
- Mobile Number
- Email ID
|POMIS| Post Office Monthly Income Scheme
What is UAN and its Importance in PF Transfer Process Online
- UAN is a 12 digit unique number which is provided to each employee contributing to the EPF. The number is generated and assigned by EPFO and is authenticated by the Ministry of Labour and Employment. This number remains the same for each employee throughout their life no matter how many times they have joined new organisations. UAN is essential for EPF account holders as it make online access to EPF services easier.With the EPFO portal, managing PF accounts such as withdrawal, balance checking and loan applications it is convenient without employer interference.
Procedure to Check Universal Account Number (UAN)
To check Universal Account Number (UAN), please follow the below mentioned steps:
- Visit the Official Website at https://unifiedportal-mem.epfindia.gov.in/.
- Click on “Know your UAN” option.
- Enter your mobile number and Captcha Code.
- Click on “Request OTP” button.
- Another page will appear on your screen.
- Enter your Name, DOB (Date of Birth), Select any one option from “AADHAAR, PAN or Member ID”.
- Enter details about what you have selected from options.
- Enter Captcha code.
- Then click on “Show My UAN”.
- Your UAN will appear on your screen.
- Note it down for future reference.
Contact Details
| EPFO HEAD OFFICE | Bhavishya Nidhi Bhawan 14, Bhikaji Cama Place, New Delhi – 110066 |
| Know your balance | Give a missed call to 9966044425 SMS EPFOHO<UAN><LAN> to 7738299899 |
|Shreshtha Yojana| प्रधानमंत्री श्रेष्ठ योजना
FAQs
The Employees’ Provident Fund Organisation (EPFO) has administered the system of automatically transferring the provident fund (PF) balance of employees when switching jobs.
Employees should be working in any government or private sector are eligible to avail the benefits under New EPFO Rules.
The primary objective of introducing New EPFO rules is that EPFO will automatically credit your PF balance to your new employer’s account to ensure hassle free transition for employees.
The Central Government in agreement with the powers conferred by section 6A of the Employees’ Provident Fund and Miscellaneous Provisions (EPF and MP) Act,1952 has established Employees’ Provident Fund Organization (EPFO).