Provident Fund: Left or lost job? Employees can now update date of exit – Here’s how
Employees Provident Fund account: Left or lost a job? Employees can now update their date of exit on the EPFO portal upon leaving a job. According to EPFO rules, if an employee is transferred from one institution to another, he is required to be enrolled as a member under the new establishment, for transferring his provident fund from his previous account.
An employee can continue as a PF member even after his retirement if he continues to work even after attaining the retirement age. Employees Provident Fund (EPF) is considered an investment option for retirement purpose. As per the EPFO norms, contribution to the PF account is mandatory for both the employee and the employer. The PF account holder has to contribute 12 per cent of his basic salary while a matching amount is also contributed towards PF and EPS by the employer.
For updating the date of exit, employees need to visit the Member Unified Portal and login with UAN and password. After this, go to Manage and click on Mark Exit. Then chose PF Account Number from Select Employment dropdown. Now, click on Request OTP and enter the OTP sent on your Aadhaar linked Mobile Number. Then select the Checkbox and click ok. Your ‘Date of Exit’ would now be updated successfully.
How to update date of exit on Employees Provident Fund (EPFO) portal
Here’s a step by step guide
Step 1: Visit Member Unified Portal (https://unifiedportal-mem.epfindia.gov.in/memberinterface/)
Step 2: Enter UAN, Password and CAPTCHA.
Step 3: Go to Manage and Click Mark Exit
Step 4: Choose ‘PF Account Number’ from ‘select employment’ drop down
Step 5: Enter ‘Date of Exit’ and ‘Reason of Exit’
Step 6: Click on option ‘Request OTP’ and enter OTP sent on your Aadhaar
While switching jobs, it is advisable for PF account holders to transfer one’s PF account to the new recruiter. Employees’ contribution to the Provident Fund account is exempted from tax under Section 80C of the Income Tax Act.