Two PF accounts: How to manage Two PF accounts
Many professionals these days change jobs frequently in pursuit of better salaries and opportunities. Multiple job changes typically result in multiple Employee Provident Fund (EPF) accounts being opened, one with each employer. Such changes also accompany the change and merger of old and new, Two PF accounts of the employee. To rectify these problems the government introduced (UAN) Universal Account Number which is a unique 12-digit account number provided to the EPF members.
Provident Fund (PF) or Employee Provident Fund (EPF) Scheme is the contribution put together by both the employer and the employee in the form of monthly salary deduction. The employee opens a new account whenever he changes the job because of which most of the times, an employee has two or more Provident Fund (PF) accounts.
It is possible to consolidate multiple accounts into one single account for each EPFO member with the introduction of UAN. Retirement fund body EPFO offers a facility to its members that allows consolidation or merger of their multiple PF accounts with the current universal account number (UAN). This UAN number allows linking all your PF accounts under one account thus making tracking of the same easier. There are some more advantages of UAN number that employee can transfer funds from one PF account to another quickly and easily using UAN number. One can also link your Aadhaar number to UAN which reduces the need for a signature for transfer or withdrawal of PF funds.
If you currently have two PF accounts, you can either transfer the PF amount from one account to another or on the other hand, by giving an application to the Employee Provident Fund Organisation, the two PF accounts can also be merged).
Two PF accounts: How to merge (2 options)
- You need to send an email to their official email id (firstname.lastname@example.org) and update the information with the EPFO.
- Also, You need to inform your existing company, about merging your old PF account with the new account.
- The EPF organization will examine your UAN numbers.
- After the verification, EPFO will block the old UAN number from their end.
- After which you can transfer your PF amount to the new account, from your old one.
- It is necessary that your PF account and Universal Account Number (UAN) is linked to each other to avail this option.
- Visit the website- EPFO, then click on the tab “OUR SERVICES”.
- Select the option “for employees” and click the tab “One Employee- One EPF Account” under SERVICES.
- Enter your registered mobile number and UAN number.
- You will then receive an OTP in your registered mobile number.
- Now click on the ‘click on a new page’ option which will show all the details of your old EPF.
Two PF Accounts: Transfer
- Individuals can transfer EPF account online as the transfer process is transparent, efficient and comfortable. A member has an option to submit the claim either through his present employer or previous employer.
- To transfer your old PF account deposits to the new PF account, you need to send a request to the EPFO.
- The EPFO will cross-check and verify your transfer claim, once they received your request for transfer.
- In the meantime, you can start UAN linking both of your accounts.
- The EPFO will block your previous UAN number, once the deposit is transferred.
Also read: How to get EPF Passbook