The Indian governmental bodies have laid down certain requisites and rules to ensure a refined systematic proceeding in terms of financial benefits. One such provision is the Form 11 (PF). In this article, we delve into what is form 11 PF, what are its requirements and benefits, and how online transfer of PF functions.
Form 11 PF is a declaration form utilized by organizations to get information about the existing Provident Fund (PF) accounts about their employees. The form is filled by employees at their time of joining the organization and used to determine whether the employee is already a member of the EPF scheme. The Provident Fund is a tremendous financial tool that promises a secured future for the employees post-retirement.
To fill the Form 11 PF, the following details are required:
1. Employee’s personal details – Full name, father’s (or husband’s) name, date of birth, gender and marital status.
2. Employment details – Date of joining in the present organization, previous employment details (if any) like EPF, EPS account and exit date.
3. Social Security details – International Worker, Country of Origin.
4. Pension details – Universal Account number (UAN), and previous Pension scheme details.
5. Nominee details under Pension fund.
One noteworthy benefit of Form 11 PF is that it enables the exemption of the withdrawal tax if the PF transfer from the last organization to the present one is effected within a stipulated time frame. Moreover, Form 11 accelerates the process of PF transfer as it facilitates automatic transfer of funds from the previous PF account to the current one. Thereby, it promotes seamless transaction preventing the money from becoming residual.
Driving ahead, how to online transfer pf has added another dimension to the progressive era of the digital world. Whenever an employee switches jobs and wants to carry the accumulated balance of the old account to the new employer’s PF account, they can benefit from this online transfer facility.
The process consists of certain steps:
1. Visit the EPFO portal and log in with your Universal Account Number (UAN) and password.
2. In the ‘Our Services’ tab, click ‘For Employees’.
3. Select ‘One Member – One EPF Account Transfer Request’ option.
4. Verify your personal information and PF account for the claim eligibility.
5. On confirmation of eligibility, fill in the PF account details of the previous employer and submit the request.
Form 11 PF and online PF transfer convenience are progressive steps towards streamlined financial management. Form 11 is an excellent relief for employees not wishing to withdraw the PF fund but to transfer it to the new employer’s account. The government has simplified the process further by enabling online PF transfer, thus, easing the workload and providing a hassle-free method to manage individual PF accounts.
Disclaimer:
Investment in the Indian financial market offers a myriad of opportunities. However, each investor should carefully examine all the financial implications before making any decision. The pros and cons of financial investments should be carefully analyzed before being traded in the Indian financial market.
Summary:
In this article, we have discussed Form 11 PF which is a vital tool in managing the Provident Fund (PF) accounts of employees. It is a facilitator for the automatic and tax-free transfer of PF from the account of an old company to the new one. The article further explored the process of online transfer of PF – a simple, time-efficient process facilitated by the digital era. It underlined that though helpful, each step in financial investments should be undertaken post careful analysis, keeping in view the pros and cons of trading in the Indian financial market.
