New EPFO Rules: New regulations governing savings programs took effect on April 1st, aligning with the commencement of India’s fiscal year. The Employees’ Provident Fund Organization (EPFO) implemented significant modifications from April 1 onwards. According to the updated regulation, individuals’ previous Provident Fund (PF) balances will now be seamlessly transferred to their new employers upon changing jobs.
The EPFO account holders no longer need to request PF transfers upon joining a new employer, regardless of whether they possess a Universal Account Number (UAN). Delve into the article below to explore further details on the revised EPFO rules.
New EPFO Rules 2024
- Account holders no longer need to manually request PF transfers when changing jobs.
- EPFO has implemented an automated fund transfer service, effective from April 1st.
- Previously, individuals had to request PF transfers even with a Universal Account Number (UAN), which was burdensome.
- With the new automated service, employees can pursue new opportunities without managing PF transfers.
- Funds from the EPF account will be automatically transferred upon changing jobs.
- Employees are required to contribute 12% of their pay to the EPF, with employers matching the contribution.
New EPFO Rules Benefits
- Employees will no longer need to face the complexities of manual requests and administrative tasks, as numerous tough procedures have been eliminated.
- The process of transferring staff between departments will be simplified with a more streamlined approach.
- EPFO now allows the automatic transfer of an employee’s PF balance when they change employers.
- This change by EPFO underscores their commitment to providing employees with convenient access to their savings accounts, ensuring a prosperous and secure retirement experience.
Importance of UAN In PF transfer process
- The Universal Account Number (UAN) acts as a central platform for individuals with multiple Member IDs from different employers.
- It simplifies the process of linking multiple Member IDs (EPF Accounts) to a single member.
- UAN offers various services, including:
- Dynamically updated UAN card
- Updated PF passbook containing transfer-in details
- Ability to link current and past member PF IDs
- Monthly SMS notifications regarding contributions to the PF account
- Option to automatically initiate transfer requests upon changing jobs.
How to Check UAN
Each employee contributing to EPF receives a 12-digit unique number known as the Universal Account Number (UAN).
The Ministry of Labour and Employment authenticates this number, which is issued and generated by EPFO. Regardless of how many times you change your job, this number remains constant. To verify the UAN, please follow the steps below.
- First, you need to visit the Unified Member Portal of the EPFO
- Next, click Know Your UAN Status link
- You will get the authorization PIN
- Enter the PIN received
- Your mobile number and registered email will receive the UAN
What is EPFO?
- The Employees’ Provident Fund Organisation (EPFO) falls under the jurisdiction of the Indian government’s Ministry of Labour and Employment.
- Its core function is to supervise and manage the employee pension fund, along with overseeing international social security agreements. Presently, EPFO offers an interest rate of 8.10 percent.
- Both employers and employees reap the benefits of the deposited funds and the interest earned, which collectively contribute to the employee’s provident fund.
FAQ’s
Are there any new changes made by EPFO?
When you change your job, you no longer need to request the transfer of provident fund. A change has been implemented for subscribers of the Employees’ Provident Fund Organisation (EPFO)
When the new changes made?
April 1, 2024
What’s the mode of transfer in the new EPFO rules?
Online
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