Get your PF interest: Complete tasks immediately after job change

People doing private jobs change their jobs from time to time. At the time of changing jobs, a new EPF account is opened on behalf of the employee's employer. However, the old number is used while opening it. In such a situation, many employees have the illusion that if the UAN is the old one, then their EPF account running from that UAN number will also be the same.

New company's PF contribution starts accumulating

As soon as you change jobs, you give your UAN number to the company, the company opens another PF account of yours inside that UAN number. After this, your and the new company's PF contribution starts accumulating in that new account. It is important that after opening a new PF account, you merge the previous account with the new one. Which you can easily merge by visiting the EPFO website. If you have not done this work yet, then you may have to face many big losses due to this.

How to merge the account?

First of all, you have to go to the Member Service Portal https://unifiedportal-mem.epfindia.gov.in of EPFO. After this, you have to select 'One Member – One EPF Account- Transfer Request' under the Online Services section. Then you have to verify the personal details and current employer's account. After this, you have to click on Get Details, after which the list of old employers will open in front of you. Click on the account you want to transfer here.

OTP will come on mobile number

Then you click on 'Get OTP'. OTP will come on your registered mobile number, you can enter it and submit. After this, your request will be submitted. Your current employer will have to approve it. After which the EPFO will merge your old account into the new account. After some time you can check your merger status.

Disadvantages of not merging accounts

The first disadvantage of not merging the account is that due to the opening of a new EPF account, your money lying in the old account is not visible together. Apart from this, merging them is also important in terms of tax saving. When you withdraw money from an EPF account, this limit of five years is seen. There is no tax to be paid on the withdrawal of deposits after five years' contribution.