Monday, 6 December, 2021
HomeBusinessAutomatic Transfer Of EPF Accounts On Job Change To Be A Reality...

Automatic Transfer Of EPF Accounts On Job Change To Be A Reality Soon

A centralised system okayed by EPFO’s board will allow merger of all PF accounts

In an employee-friendly transfer, the workers’ provident fund organisation (EPFO) has cleared the event of a centralised IT-enabled system by C-DAC, which is able to allow merger of all EPF accounts of its members and cast off the requirement of getting one’s account transferred in case of job adjustments.

In easy phrases, staff quickly will not have to fret about getting their EPF accounts transferred to their new organisations whereas altering jobs.

This centralised system will facilitate the de-duplication and merger of all PF accounts of members. It can take away the requirement of switch of EPF account every time a member adjustments jobs.

EPFO’s Central Board of Trustees (CBT) took this choice throughout their assembly, which was held on November 20, 2021.

As of now, if anyone adjustments jobs, then a brand new EPF account for that particular person is opened within the new organisation and the worker has to get his or her cash – which is held within the EPF account created by the earlier organisation – transferred to the brand new account.

This must be carried out on-line on the Member Sewa portal of the EPFO if the worker’s Common Account Quantity (UAN) is linked with Aadhaar. If UAN will not be linked with Aadhaar, then the worker can get the cash transferred to the brand new EPF account by submitting a type to the brand new employer.

In response to an announcement issued by the labour ministry after the board’s assembly on November 20, “approval was accorded for growth of centralised IT-enabled programs by C-DAC. Submit 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 can take away the requirement of switch of account on change of job.”

Most Popular

English English हिन्दी हिन्दी ਪੰਜਾਬੀ ਪੰਜਾਬੀ