Here is the process for EPF transfer, withdrawal
- You need to apply for transfer or withdrawal on the website of www.epfindia.com with all the personal details, PF account number, old and new employers EPF code.
- An MIS will be generated with the tracking code, which will help in locating the status of application.
- Your application request of transfer will go to the old employer and EPFO, online. Then, the EPFO department takes charge of verifying the details, contacting old and new companies of an employee for verification and complete transfer.
- EPFO staff will be working on stiff deadlines to complete the procedure for transfer of EPF account.
Unsuccessful technology initiatives in the past
EPFO has planned to launch online EPF transfer and withdrawal facility from 1st July, 2013 onwards. But, in the past, the various measures taken to improve the services and process were not productive. There have been delays in launching services; also earlier initiative for an e-passbook has not tasted success.
EPFO had also made an announcement on account number portability, which should make transfer much easier. In this, each employee will be allotted a single PF number. Also, there will not be any requirement to transfer the EPF account from one employer to another while switching jobs. However, this project has been delayed and expected to be launched after 2 years. Now, focus is on launching these online services.
Conclusion
We advice to wait for 2 months if you can, for this Online system to go live or else follow the usual physical process to transfer the account. It's not recommended to withdraw the money from EPF account after changing the job, so transfer it to the new employer. These are retirement savings which should be preserved for your future consumption.
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