Provident fund subscribers can easily update their EPF account online.
You are no longer dependent on your ex-employer to update the exit date on the EPFO portal. Allowing subscribers to update exit date online after changing jobs, the Employees' Provident Fund Organisation (EPFO) has launched the 'date of exit' facility on their portal. Earlier, holders were dependent on their ex-employers to declare the date of exit as the facility was not available online to EPF subscribers.
"Now employees can also update their date of exit," EPFO announced on Twitter.
Here is how to update your date of exit on EPFO :
Log in to the EPFO portal with your UAN (Universal Account Number) and password.
Go to the "Manage" section and click on "Mark Exit." You will then get the option to choose your PF account number from the "select employment" dropdown menu.
Fill in the date of exit and the reason for the exit. Click on option "Request OTP" and enter OTP sent on your Aadhaar-linked mobile number. Select the checkbox and then click on "Update" and then "Ok."
You will then get a message stating that the date of exit has been updated successfully. Once it is done, you can go to "View" and "Service History" where you will be shown the date of joining and exit from both EPF and EPS.
You cannot mark your date of exit until you complete two months of leaving the company. In the past, several EPF subscribers had complained that their previous employers are not updating the date of exit promptly on the EPFO portal.
Marking your date of exit is crucial as it might affect claim submissions and settlements later on. After switching jobs, if your date of exit is not marked correctly, your employment might not be treated as continuous, and you might be asked to pay tax on the interest earned during the intervening period.
To know about the reduction in statutory EPF contribution rate due to COVID-19 Spread Click here