Retirement fund body Employees’ Provident Fund Organisation (EPFO) has approved the development of centralized IT-enabled systems by the Centre for Development of Advanced Computing (C-DAC). This move will allow an employee’s PF account number to remain the same even after they change their jobs. So, after the EPFO decision, PF account holders need to worry about the account transfer.
Here’s all you need to know
Update PF account with new employer’s details
The subscriber of EPFO gets the benefit of pension only if they have been a member of EPS 95 (Employee Pension Scheme) for 10 years. In this case, if your old PF account continues to remain functional, then after 10 years you will be eligible for Employee Pension Scheme. That is why it is important to update your PF account with the details of the new employer. You can either do this yourself through the UMANG app or take the help of the employer.
Update EPF scheme certificate
Besides furnishing new employer’s details in your PF account, it is important to update the information of your new employer in the EPF Scheme Certificate as well. You can do that via EPFO’s website. Talk to the HR of your company. Most organizations have PF help desks for their employees. You can connect with them too seeking help to complete this process.
What is the EPF Scheme certificate?
EPF Scheme Certificate is provided to those members who withdraw their EPF contribution but wish to continue their membership with EPFO till retirement to avail pension benefits. As mentioned above, a member is eligible for pension only if he/she has been a member of the Employees’ Pension Scheme for at least 10 years. The Scheme Certificate ensures that the previous pensionable service is added to the pensionable service with the new employer, which helps in increasing the amount of pension benefit. The certificate is also used for getting family pension to the family members in case of the untimely death of a member.
