EPF Alert! ‘No need to transfer your PF account while changing jobs,’ Here’s what EPFO Board said


New Delhi: The Provident Fund is taken into account some of the vital investments for the way forward for the working class. Recently, the Employees Provident Fund Organisation, or EPFO, Board of Trustees has undertaken a major determination relating to the transfer of PF cash while changing jobs.

On November 20 through the 229th assembly, the EPFO Board of Trustees have issued a centralised IT system of PF account, permitting workers to keep away from having the PF funds moved on changing jobs.

According to the choice, when an worker adjustments jobs, the PF account quantity will stay the identical and thus the worker doesn’t have to fear about PF transfer.

EPFO

The functionalities will transfer on a central database in a selected method which can assist clean operations and enhanced service supply. The system will additional facilitate the de-duplication and merger of all PF accounts of any member.

Reportedly, after changing jobs, the worker has to file documentation at each the earlier and new employers. Often, many PF holders don’t transfer their funds to their new account owing to the effort like problems and time-consuming procedures.

Using the prior UAN quantity, a brand new PF account may be fashioned within the new agency. As the PF holder didn’t transfer the PF quantity from the prior enterprise, the whole quantity within the PF quantity is not going to be proven.

Provident Fund

Besides, the retirement fund supervisor has determined to improve the facility of its advisory physique Finance Investment and Audit Committee (FIAC) to take a name on investing new asset lessons.

“At present, we have decided to invest in only newly added government instruments (bonds and InvITs). There is no percentage for that. It will be decided on a case to case basis by FIAC,” Yadav said after the assembly.



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