Home Business Now EPF Account Will Be Transferred Automatically On Job Change

Now EPF Account Will Be Transferred Automatically On Job Change

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New Delhi: Merging Staff’ Provident Fund (EPF) or transferring EP accounts will quickly grow to be a factor of the previous.

In an enormous aid to the working staff of the nation, a labour ministry assertion mentioned that the EPFO has given inexperienced gentle for growing a centralised IT-enabled system by C-DAC that can allow merger of all EPF accounts of its members and get rid of the requirement of getting a member’s account transferred attributable to job change. 

In different phrases, it is a massive transfer for the EPF account holders as they received’t have to fret about getting their accounts transferred to their new organisations after altering jobs.

With the arrival of the centralised system, the workers will get advantages. This method will facilitate the de-duplication and merger of all PF accounts of members, and thus will take away the requirement of switch of EPF accounts at any time when a member adjustments his/her job. The choice was taken on the 229 assembly of the Central Board of Trustees, which was held on November 20.

Presently, when a member adjustments his/her job, a brand new EPF account for that worker is opened with the brand new firm. The particular person must switch the cash held within the EPF account with the earlier firm to his/her new employer. The switch of PF quantity may be accomplished on-line too. A brand new passbook can also be created with each new organisation for straightforward understanding of the account.

This course of needs to be accomplished on-line on the Member Sewa portal of the EPFO if the worker’s Common Account Quantity (UAN) is linked with Aadhaar. If a member’s UAN is just not linked with Aadhaar, then the particular person can get the cash transferred to the brand new EPF account by submitting a kind to the brand new employer.

“Approval was accorded for improvement of centralised IT-enabled programs by C-DAC. Publish this, the sector functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply. The centralised system will facilitate de‐duplication and merger of all PF accounts of any member. It should take away the requirement of switch of account on change of job,” a labour ministry assertion mentioned on November 20.

In keeping with the assertion, the EPFO has added round 15.41 lakh internet subscribers in the course of the month of September. 

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