From 1st July onwards EPF beneficiaries can transfer their EPF account from one establishment to another online without much hassle. EPFO is working on last stages of this facility to activate.
Online EPF Transfer
Transfer of EPF account from one employer to another had been a big pain for EPF members as there was no transparency in the system and people had to wait for many months and sometimes even years to get their Employee Provident Fund transferred to new employer. This pain and agony make them leave the case as it is as they have no help and no one to ask for help in their EPF status and transfer of funds. Because of this people stop tracking their account and many cases kept hanging for years.
Online EPF withdrawal
EPF withdrawal had been a big problem and took a long time. Sometimes even the purpose for which EPF was withdrawn had been finished for which funds were withdrawn. Like someone give application for EPF withdrawal for the marriage of son/daughter but the withdrawal took so much time that the marriage was over and the beneficiary got money after a long delay. So this had been a big pain and beneficiaries cannot depend on their hard earned money in the time of need.
Online Tracking of EPF Transfer
With the start of online EPF transfer facility you will be able to track your EPF status online. You can easily know the process, and know your transfer status.
Unique Permanent EPF account number for all EPF beneficiaries
There is a proposal of allocating unique EPF account number to all EPF account holders within 1 to 2 years. This same account number will work even if they change the employer. In case of change of job there will not be any problem in EPF contribution as the employer will deposit the money in same EPF account number. It will also ease the transfer and withdrawal process of EPF.
Process of Withdrawal and Transfer
Whenever you will apply for transfer or withdrawal of EPF fund EPFO will do all verification with your current as well as previous employer. All the instructions regarding the verification and other process will be cleared once the system is started.
Who will be benefitted?
With the starting of this facility 50 million EPF beneficiaries will get relief and expedite their transfer and withdrawal process. It will also reduce a lot of paper work and harassment to the members. It will also make people withdraw only at the time of need. Right now people withdraw in advance as they do not want to indulge into unnecessary hassle and problem when they need their money most.
If you want to experience this online facility just wait for few more days and see what happens. If you are in hurry then you will have to apply for withdrawal by same old process of filling EPF withdrawal Form no. (write form no.) and submitting it via proper channel.
We hope that this online facility will be a success and will not be just another pain as EPF e-passbook had been. The facility had been started but still having many bugs and not fully successful.