Every Provident Holders will be issued with Permanent Provident Fund Account Numbers
Posted on: 10/Feb/2014 11:54:25 AM
The Government has decided to issue Permanent Provident Fund Account Numbers to all its holders. Portable permanent PF account number, will enable over five crore EPFO members to get rid of the process of transferring their accounts on changing jobs, might be a reality in 2014-15.The permanent PF account number would also help provide social security benefits to workers in sectors like construction where they change contractors and place of work frequently.
To provide permanent PF account numbers to subscribers, EPFO will have to set up a central server which would be connected to its all 123 field offices.At present, the EPFO subscribers have to apply for transfer of PF accounts on changing jobs. They are provided a new PF account number every time they change jobs.The retirement fund body has recently started the facility of online transfer of PF account on changing jobs in October last year.
