As per the latest EPFO’s data, it has been estimated that there are around 150 million EPF Accounts of which only 40 million PF accounts are active. This means that there are around 110 million PF Accounts which are not receiving any contributions, this clearly indicates that one Employee (EPF subscriber) has multiple EPF accounts in his name.
EPFO has recently launched a new drive called as ‘One Employee – one EPF account’ (OEOE). This new initiative is to encourage and help employees to consolidate multiple EPF accounts in to one EPF active account. The aim of this special drive is to de-duplicate the multiple Pf accounts. EPFO will actively assist you to consolidate your old EPF accounts.
Multiple EPF Accounts & ‘One Employee – One EPF account’ Drive
Below are the requirements to transfer multiple EPF accounts through OEOE online facility;
- You (employee) should have an active UAN (Universal Account Number).
- Your current EPF account should have been linked to your UAN.
- Your KYC (Know Your Customer) details like bank account, Aadhar, PAN etc., should have been verified by your current Employer.
How to transfer or consolidate multiple old EPF accounts? What is the procedure?
- Visit EPFO Website, click on Employees link.
- Under EPFO Services, click on One Employee – One EPF Account.
- You will be then transferred to One Employee, One EPF Account portal.
- You have to provide Mobile number (which is registered at UAN portal), UAN number and EPF Account number (Read this article: ‘What is Establishment Code in EPF Account number? Understanding EPF Account number format.’)
- Click on Generate OTP (one time password).
- Then you will be asked to enter the details of your past EPF Account numbers that you want to be transferred to your current PF account. Up to 10 past EPF numbers can be added under this facility.
- If your UAN is seeded with Aadhaar, it becomes easy for the EPF office to verify your details. In-case if your UAN is not linked to Aadhar number then the EPF office will call you and ask to furnish required proofs. They can also assist you in getting your EPF money transferred using the online portal (Read : EPF online transfer portal – OTCP).
- The EPF numbers provided by you are sent to respective EPFO regional offices in which your past PF money was deposited. The offices will in turn get in touch with your employers. After the employer verifies the PF claim, the transfer will be done.
- The EPFO regional office(s) will get in touch with you in case if there are any problems after filing PF balance transfer request.
- Kindly note that your personal details like Date of Birth, name, your father’s name etc., which are available in your active EPF account should match the details available with old EPF accounts.
- If all the details match, the money will get transferred. The employee (you) will be informed through SMS on the registered mobile number.
The next time you change your job and if you have active UAN linked EPF account, you just need to submit your UAN to your new employer. They will then verify the know-your-customer (KYC) details and open a new EPF account which is linked to the UAN. Money from the previous account will then get transferred automatically.
I believe that this special drive is a good initiative by the EPFO. If you have multiple EPF accounts, then you can make use of the One employee-one EPF account online portal facility to get your PF money transferred. You can also get your old PF accounts’ money transferred through OTCP portal. If you do not have old EPF account number, you can submit transfer request through EPF Inoperative helpdesk.
Latest update (31-Oct-2016) : ‘Rate of Interest on Inoperative EPF accounts‘ – EPFO to pay 8.8% as interest on Inoperative EPF (Employee Provident Fund) accounts. In case of EPF, if there is no contribution paid during the last 36 months, then that account is classified as “inoperative”. The inoperative accounts are not being paid interest since 2011. Around Rs 42,000 crore is lying in “inoperative accounts” across the country. About 9.70 crore employees will benefit from this proposed notification. Henceforth, the concept of Inoperative accounts will cease to exist. (Source : PTI & Union Labour Ministry).
(Featured image credit : rediff.com) (Post Published on : 06-June-2016)