Latest Updates : Provident Fund

Automatic Transfer of Provident Fund to New Employer

Anupam MittalComments Off on Automatic Transfer of Provident Fund to New Employer

Dear All, We would like to bring to your attention Circular No IS/4(1)/2017/2715 dated 15th November 2017 by which functionality for Auto Transfer of Provident Fund from previous employer to the new employer has been activated with the linking of UAN Number . download link here IS_AccAutoTransfer_UnPr_2715

Following conditions have to be satisfied enabling the Auto Transfer of Provident Fund Account

 

  1. Aadhar number must have been seeded and verified by the previous employer against the UAN
  2. None of the mandated information e.g DOJ, DOL etc should be missing from previous employer
  3. UAN number is being linked to a mobile number and has been activated by the employee

 

If the condition as stated above are satisfied than an Auto transfer request will be initiated with the receipt of first contribution against the linked UAN and intimation to the employee will be send through email and SMS

 

Employee can stop the auto initiated transfer by himself/herself or through the new employer within 10 days of initiation of Auto transfer request.

 

If no request for stopping the auto transfer is being received with in the stipulated time as stated above and amount for contribution by new employer has been reconciled than the actual transfer claim will be generated and made available to concerned field office like any other transfer claim form for further processing.

 

We have further observed that this functionality is working only for transfer of account from Office of EPFO to the Office of EPFO and not in case of  transfer from an Exempted establishment to the Office of EPFO or vice versa. May be over a period of time the process will have more clarity.

 

Please disseminate this information in large to all employees to ensure that they keep a watch on their PF account and ensure that against their UAN number KYC is being seeded and verified, there is no missing information and UAN is being activated and linked to active/accessible mobile number.

 

Tag: SGC Regulatory Bulletin, SGC official blog, SGC Services on official blog. Regulatory Bulletin download

 

Click to access IS_AccAutoTransfer_UnPr_2715.pdf

 

Anupam Mittal

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