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EPFO to automatically transfer PF during job change
Posted on: 14/Aug/2017 10:32:49 PM
In a push to make premature provident fund account closure, the Employees’ Provident Fund Organization has come up with an idea to make funds transfer to your PF account when you undergo a job change, and the good thing about this is the process is completely automated. This is likely to come into effect from next month.
Speaking about this, the Chief Provident Fund Commissioner VP Joy said one of the key challenges faced is the premature PF account closure. Ways to improve this trouble are being addressed. In case of change of job, there are a lot of account closure happening and they reopen PF account afresh later, he adds.
We do not want PF account closure to happen at times of job change. To ensure this, we have mandated Aadhar for enrolments. One will have the PF account number permanent. For other needs like social security, one can continue using the same account number.
As per reports, it is understood that EPFO is facilitating employees with automatic funds transfer within 3 days of job change. Soon, when an employee has Aadhar ID that’s verified, the employee can easily get the PF transferred without any kind of application required.
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