Over the past few years, the Employees’ Provident Fund Organisation (EPFO) has been striving to make the PF transfer and claim process smoother. Recently, it took another step in that direction.
The EPFO has launched a new online feature wherein employees can update the date of exit for the previous organizations they have worked with. The date of exit needs to be updated on the EPFO portal for employees to transfer the funds online in case they are changing jobs or to make claims in case they are unemployed for more than two months. Earlier, only employers could update the date of exit on the EPFO platform.
“A lot of EPFO services were dependent on the employers. For example, in case an employee changed jobs, employers needed to do two things—the old employer needed to update the exit date on the EPFO portal and the new employer the date of joining. At times, employers don’t update the portal on time, causing problems for employees. The new feature is meant to empower employees,” said an EPFO official, on the condition of anonymity.
The EPFO is easing out the management of PF by subscribers by bringing everything online, said Jitendra P.S. Solanki, a Sebi-registered investment adviser. “Earlier, an employee was dependent on the employer for updating the exit date. At times, the employee doesn’t leave an organization on a happy note or may not have the contact number of the previous employer. In such cases, it becomes difficult for employees to get the exit date updated,” he said.
However, there are a few things you should keep in mind when using this feature. The date of exit can only be updated after two months of leaving a job. Also, the date of exit can be any date in the month in which the last contribution was made by the previous employer.