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Tuesday 7 April 2020

Provident fund a/c holders can now change job-leaving date

Go to the Manage section and click on the Exit mark; you will get the option to choose the provident fund account number from the drop-down menu

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The Employees Provident Fund Organisation (EPFO) has started the facility for provident fund account holders to enter the date of leaving the job oneself. Provident fund account holders can complete this work online.

Until now, provident fund account holders had to depend on the company to register their date after leaving the job. Due to the constraint, a job that should take no more than a few minutes online took days, months or years when the account holder had to constantly remind their employer, past or present, to change the date. Now an employee will be able to enter the date himself/herself as soon as s/he leaves the job.

Provident fund application

Login to the EPFO ​​portal using Universal Account Number (UAN) and password.

Go to the Manage section and click on the Exit mark. You will get the option to choose provident fund account number from the dropdown menu.

After this, you will get the option to fill the date of leaving the job and the reason for leaving. Fill it and click on Request OTP.

OTP will come on your Aadhaar link mobile number. After inserting this OTP, click on the OK tab.

After this, you will get a message on your mobile that the date of leaving that job of yours has been registered in your provident fund account. However, you cannot enter your exit date before two months of leaving the company.

Advantage

The advantage of registering the date after leaving the job is that if you subsequently want to withdraw the amount deposited in the provident fund, there will be no problem. If the date is not recorded, you will be considered unemployed. One can be asked to pay tax on the interest earned in this period.

About EPFO

The EPFO is an organisation tasked to assist the Central Board of Trustees, Employees’ Provident Fund a statutory body formed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India.

EPFO assists the Central Board in administering a compulsory contributory Provident Fund Scheme, a Pension Scheme and an Insurance Scheme for the workforce engaged in the organized sector in India. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 19 Social Security Agreements are operational). It is the largest social security organisations in the world in terms of the number of covered beneficiaries and largest in India in terms of the volume of financial transactions undertaken. The EPFO’s apex decision making body is the Central Board of Trustees (CBT).

On 1 October 2014, Prime Minister of India Narendra Modi launched Universal Account Number for Employees covered by EPFO to enable PF number portability.

The total assets under management are more than Rs 11 lakh crore as of 2018.

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