Employees don’t have to transfer PF funds when changing jobs: EPFO


Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has accredited the event of centralised IT-enabled methods by the Centre for Development of Advanced Computing (C-DAC). This transfer will permit an worker’s PF account quantity to stay the identical if they alter their jobs. This approach they gained’t have to fear concerning the account transfer.

The area functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply. The system will facilitate the de-duplication and merger of all PF accounts of any member.

As per the retirement fund physique press launch, “approval was accorded for growth of centralised IT-enabled methods by C-DAC. Post 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 will take away the requirement of transfer of account on change of job.”

EPFO has determined to empower its advisory physique Finance Investment and Audit Committee (FIAC) to make choices on investing in new asset lessons for provident and pension funds in India. As per the official assertion, “the Board determined to empower the Finance Investment and Audit Committee (FIAC) to resolve upon the funding choices, on case-to-case foundation, for funding in all such asset lessons that are included within the sample of funding as notified by authorities of India.

Additionally, EPFO has determined to represent 4 sub-committees, comprising members of the board from workers’ and employers’ sides in addition to representatives of the federal government.

The committees on institution associated issues and futuristic implementation of the social safety code will probably be headed by the minister of state for labour and employment. The Union labour and employment secretary will head the remaining two on digital capability constructing and pension associated points.

The 229th assembly of Central Board of Trustees (CBT), apex decision-making physique of EPFO, was headed by Minister for Labour and Employment Bhupender Yadav. 

 

 

 

 

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