Struggling with two PF accounts? Here is what you can do to manage both the accounts
Provident Fund (PF) or Employee Provident Fund (EPF) Scheme is the contribution put together by both the employer and the employee in the form of monthly salary deduction. The employee opens a new account whenever he changes the job because of which most of the times, an employee has two or more Provident Fund (PF) accounts. Multiple job changes result in having multiple EPF accounts being opened, one with each employer.
With the current Universal Account Number (UAN), retirement fund body EPFO offers its members to merge or consolidation their multiple PF accounts. Hence, with the UAN, each EPFO member can consolidate multiple accounts into one single account. Now whenever you change a job, you will be able to see your passbook statement or PF transactions at the same place.
However, if you currently have two PF accounts, you can either transfer the PF amount from one account to another. On the other hand, by giving an application to the Employee Provident Fund Organisation, the two PF accounts can also be merged.
Generally, there are two options to merge your old PF account with the new account. Find out how to do it.
- Firstly, you need to update the information with the EPFO. You need to send an email to their official email id (firstname.lastname@example.org)
- You also need to inform your existing company, about merging your old PF account with the new account.
- The EPF organization will examine your UAN numbers.
- After the verification, EPFO will block the old UAN number from their end.
- After which you can transfer your PF amount to the new account, from your old one.
- To avail this option, it is necessary that your PF account and Universal Account Number number is linked to each other.
- On the website, then click on the tab ‘Employee One EPF account’
- Enter your registered mobile number and UAN number.
- You will then receive an OTP in your registered mobile number.
- Now click on the ‘click on a new page’ option which will show all the details of your old EPF.
To avail this option, PF account holder’s need to first transfer their old PF account deposits to the new PF account.
- To transfer your old PF account deposits to the new PF account, you need to send a request to the EPFO.
- The EPFO will cross-check and verify your transfer claim, once they received your request for transfer.
- In the meantime, you can start UAN linking both of your accounts.
- The EPFO will block your previous UAN number, once the deposit is transferred.
If you do not have a UAN number, here is how to generate it online:
- An EPFO member needs to go to the EPFO website and click on the ‘UAN Allotment’ option.
- Then by entering your registered mobile number and Aadhaar number, a one-time password (OTP) will be generated.
- After entering the captcha, your Universal Account Number will be generated by clicking the ‘register’ button.