Retrieving Provident Fund balances from old accounts require some effort

Ensure all accounts have been merged into one before you begin withdrawal procedures

The price one has to sometimes pay for being undisciplined can be high. Many people did not bother to transfer or withdraw their Employee Provident Fund (EPF) money from old accounts. Now, after having lost their jobs or suffered a reduction in income, they are trying to do so and are having a hard time.

Many of them belong to the pre-Universal Account Number (UAN) times. Says Anil Lobo, independent consultant, retirement and employee benefits: “In post-UAN times, transferring the corpus from one employer to another has become easier as the application and employer approval happen online. In pre-UAN times, it wasn’t so easy.” There’s a possibility that your old employers may not have transferred the corpus. Before you start the withdrawal process, ensure all your previous PF accounts have been merged into one.

Non-existent employer

EPFO has made the process for claiming the balance without employer approval simple. The employee logs into the EPFO portal via UAN and activated password and submits his claim form.
 

Says Prashant Singh, business head, compliance and payroll outsourcing, TeamLease Services: “The employer’s approval is not required. The corpus is credited to the member’s savings bank account, provided the UAN is activated and know-your-customer is valid.” Even those who don’t have a UAN can transfer their EPF. Says Lobo: “Your old payslip will have a PF number and employer PF code. One can then track it from the PF office.” He further adds: “Your pre­v­ious employer or payroll service pro­v­i­d­er, if you remember the name, can also help.”  When transferring man­ually, submit the physical Form 13.

 

 

EPFO trust

If you have moved from one exempted PF company (trust) to another, you can transfer your balance to the new company. If you have moved to an ordinary EPF-registered company, you can move your balance to the EPFO. Submit the PF transfer claim to the exempted trust, which will enter the transfer details as Annexure K in the unified portal.

Annexure K is a document that mentions the member’s details — PF accumulations with interest, service history, joining and exit date, etc. The employer will make the online payment against Annexure K. After approval by the PF office, the past amount and service history will get reflected in your current member ID passbook. Says Singh: “For EPF trusts maintained by private establishments, the withdrawal procedure is not similar to that for EPFO. Very few EPF trusts have the online option for withdrawing old balances. Most require the employee to visit in person to submit the claim application.”

Takeover

The acquiring firm acquires the employees of the erstwhile firm and should have the PF account numbers of the current and past employees of the latter. Says Adhil Shetty, chief executive officer, Bank­Bazaar: “After acquisition, the new entity may have a different PF code. It would have allotted new account nu­m­bers to its employees from the date of takeover. If you reach out to them, they should be able to help you.”