New EPFO rule for you: No need to request for PF transfer on changing jobs

 

Did you know? From now on, you won’t have to request the transfer of provident funds when changing jobs. Starting April 1, a major change has been implemented for subscribers of the Employees’ Provident Fund Organisation (EPFO).

Automatic transfer system

The EPFO has rolled out a system that enables the automatic transfer of an employee’s PF balance when they switch employers.

Under the new system, employees whose Universal Account Number (UAN) is linked and fully compliant with Know Your Customer (KYC) requirements will find their PF balances automatically transferred to their new employer’s PF account. This automatic transfer is triggered by the first contribution made by the new employer.

What is UAN?

UAN is a 12 digit unique number provided to each employee contributing to the EPF. The number, generated and assigned by EPFO, is authenticated by the Ministry of Labour and Employment.

This number remains the same for each employee throughout their life irrespective of the number of times they have joined new organisations.

How to check UAN?

Check UAN from the portal

Step 1: Go to the EPFO’s Unified Member Portal and click on ‘Know Your UAN Status’ option

Step 2: Individuals will receive an authorisation PIN on the registered mobile number after submitting details

Step 3: Enter the PIN

Step 4: UAN will be sent to the registered email account and mobile number.

Check UAN number by phone number

Members/individuals registered on the UAN portal can get complete details with a missed call facility.

The process is straightforward: Just give a missed to 9966044425 from your registered mobile number.

Enhanced security for National Pension Scheme

In addition to changes in PF transfer rules, from April 1, the Pension Funds Regulatory and Development Authority (PFRDA) has introduced a mandatory two-factor authentication for National Pension Scheme (NPS) subscribers. This includes Aadhaar-based authentication to improve security for password-based users. This measure aims to protect the interests of subscribers and stakeholders by securing access to the central record-keeping agency (CRA) system.

Share: 

Disclaimer:- The opinions presented are exclusively those of the author and CA Guruji Classes. The material in this piece is intended purely for informational purposes and for individual, non-commercial consumption. It does not constitute expert guidance or an endorsement by any organization. The author, the organization, and its associates are not liable for any form of loss or harm resulting from the information in this article, nor for any decisions made based on it. Furthermore, no segment of this article or newsletter should be employed for any intention unless granted in written form, and we maintain the legal right to address any unauthorized utilization of our article or newsletter.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more