New EPFO Rules effective from 1st April 2024, No Need to request PF transfer on changing job

New EPFO Rules:- New rules about savings programmes came into effect on April 1st, which also marks the beginning of India’s fiscal year. The Employees’ Provident Fund Organisation (EPFO) implemented significant modifications from April 1. The new regulation will immediately transfer an individual’s previous Provident Fund (PF) amount to their new employer upon job change. As a result, EPFO account holders are no longer required to individually request PF transfers when they join a new employer. It would no longer be essential for people to go through the trouble of requesting PF transfers, even though they held a Universal Account Number (UAN). Read the article below to learn more about the New EPFO Rules.

New EPFO Rules 2024

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New EPFO Rules 2024

Account holders will no longer have to manually request a PF transfer when they change jobs. EPFO has initiated the automated fund transfer service. This facility became operational on April 1st. Before, consumers needed to request a PF transfer even when they held a Universal Account Number (UAN). This work was a little exhausting. People in employment can now look for a new position without having to worry about this trouble. The funds in the EPF account will be automatically transferred when changing jobs. As an employee, you must set aside 12% of your pay for Employee Provident Funding (EPF). Additionally, on behalf of the employee, the employer must likewise deposit the same amount into the EPF account.

EPF Claim Status Check

Benefit of New EPFO Rules

Following are the benefits of the New EPFO Rules.

  • Employees will not have to put up with the difficulties of manual requests and administrative tasks as many cumbersome procedures are eliminated.
  •  It will be simpler to transfer staff between departments with a streamlined approach.
  • An employee’s PF balance can now be transferred automatically when they change employers due to the procedure that the EPFO implemented.
  • This EPFO change demonstrates their desire to provide employees with hassle-free access to their own savings accounts to support them. It also guarantees a prosperous and safe retirement experience.

UAN’s significance in the PF transfer process online

For an individual who has been issued multiple Member IDs by various employers, the Universal Account Number (UAN) acts as a central platform. It makes it easier to attach several Member IDs (EPF Accounts) to a single member. Several services are offered by UAN, such as a dynamically updated UAN card, an updated PF passbook containing all transfer-in details, the capability to link the current PF ID with the PF ID of past members, monthly SMS notifications about the crediting of contributions to the PF account, and the option to initiate transfer requests automatically when one changes jobs.

PF Balance Check

Process to Check UAN

UAN which is a 12-digit unique number is given to each employee who makes an EPF contribution. The Ministry of Labour and Employment authenticates the number, which is issued and generated by EPFO. No matter how many times an individual joins new firms throughout their career, this number never changes. To check the UAN follow the steps below.

  • Go to the EPFO’s Unified Member Portal.
  • Click the “Know Your UAN Status” option.
  • After providing information, you will receive an authorization PIN on the registered mobile number.
  • Put in the PIN.
  • The registered email address and mobile number will receive the UAN.

What is EPFO?

It is an organisation under the jurisdiction of the Indian government’s Ministry of Labour and Employment. Its job is to oversee and control the employee pension fund. It oversees the management of international social security agreements as well. Currently, EPFO is receiving 8.10 per cent of the interest. In this, money is deposited, interest is earned, and both the company and the employee benefit. The employee’s provident fund is made up of this entire sum.

FAQ’s
What are the new changes made by EPFO?

When you change jobs, you won’t need to ask for the transfer of provident funds. A significant modification is now in effect for Employees’ Provident Fund Organisation (EPFO) subscribers.

When did the new changes came into effect?

From 1st April 2024.

What is the transfer mode in the new EPFO rules?

online

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