Merge your EPF account after switching job to avoid this loss

People in private employment frequently switch jobs back and forth. Many people have the false impression that when they join a new organization, their new EPF account will be instantly linked because of their previous UAN number. This is untrue. The employee in question must visit the EPFO website to link his new PF account to his UAN in such a scenario. You could have to endure loss if you do this incorrectly.

The drawbacks of disconnecting an account

Financial experts state that you won’t be able to see the money in the old account together if you don’t merge the new and old EPF accounts. From a tax savings perspective, this is also thought to be crucial. In actuality, you are not required to pay tax on funds withdrawn from your EPF account after five years of continuous deposits; but, you are required to pay tax on funds withdrawn before that time.

Every company will have a distinct TDS.

You must pay TDS for each company separately if you choose not to combine all of your EPF accounts. For instance, if you work for two different companies for three years each, your total experience will be counted as six years after the accounts of the two companies are merged. In contrast, your experience will be counted separately by three to three years if you don’t do this.

Procedure for merging accounts

• To combine all of your EPFO accounts, go to https://unifiedportal-mem.epfindia.gov.in, the EPFO portal, to do so.
• Next, choose in the Online Services section ‘One Member – One EPF Account (Transfer Request)’.
• After doing this, complete your personal information and the employer’s details to validate your account.
• Once you’ve completed this, clicking Get Details will cause the list of previous employers to open.
• Select the account you wish to move.
• ‘Get OTP’ will be written after performing this. You will receive an OTP on your registered cellphone number as soon as you click on it. Write this and turn it in.
• We’ll submit your request as soon as this process is finished. Following this, your present employer will approve it. Then EPFO ​​will merge your old account into the new account.

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