The Workers’ Provident Fund Organisation (EPFO) has accredited the event of an IT-enabled system that can enable an worker’s PF account quantity to stay the identical once they change their jobs.
Which means after the change, PF account holders will now not must switch cash from their accounts. At present, as per the EPF guidelines, as soon as a member modifications his/her job, a brand new EPF account is opened with the brand new firm. The worker is required to switch the cash held within the EPF account with the earlier employer to his/her new employer. This may be achieved on-line on the Member Sewa portal, offered Common Account Quantity (UAN) is linked with Aadhaar. If UAN just isn’t linked with Aadhaar, then the worker must do that offline by submitting a kind to the brand new employer.
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“Submit this, the sector functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply,” the retirement fund physique stated in a press release. “The centralised system will facilitate the 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,” it added within the press launch issued by the Ministry of Labour and Employment on November 20.
The choice was taken on the 229th assembly of the Central Board of Trustees (CBT), the apex decision-making physique of EPFO.