When private sector employees change jobs, they get a new EPF account but the old UAN number is used. Many people think that there will be only one EPF account with one UAN, which is not correct. On changing companies, different EPF accounts are opened which you have to merge on the EPFO website. By not merging the accounts, the money is not visible and may also cause inconvenience in tax saving. Due to this, tax can also be imposed on withdrawal of five years.
Understand the loss with an example
The duration is different for every company. When you withdraw money from PF, you have to pay TDS according to the duration of each company. By merging your accounts, your experience counts together. For example, you have worked in three companies for 2-2 years. If you get these accounts merged, your total experience will be 6 years. If merger has not been done then these will be different counts.
Merge PF account like this
- First of all you have to go to Member Service Portal https://unifiedportal mem.epfindia.gov.in.
- Select One Member One EPF Account (Transfer Request) under the Online Services tab.
- Your personal details will be visible on the screen. It will also show the details of the EPF account maintained with your current employer, into which transfer will be done from the previous account.
- To transfer the old/previous PF account, you will have to get it verified by the previous employer or your current employer. Enter previous PF account number or previous UAN number. Click on Get Details. Now details related to your previous EPF account will appear on the screen.
- After this click on Get OTP. A one time password will be sent to your registered mobile number. Enter the OTP and click on submit. Your request for merger of EPF accounts will be successfully submitted. Your current employer will then need to approve the submitted merger request. Once your employer approves it, EPFO officials will process and merge your previous EPF accounts. To find out about the status of the merger, you can check by visiting the portal.
Source: www.tv9hindi.com
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