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PF account holders Alert! Now you don`t have to transfer your PF; here`s what EPFO Board decision said
When an employee changes jobs, the PF account number remains intact, and the employee does not have to worry about PF account transfer.
Highlights
- The EPFO Board of Trustees adopted a centralised IT system of PF account.
- When an employee changes jobs, the PF account number remains intact, and the employee does not have to worry about PF account transfer.
- After quitting a job, the PF holder is required to file documentation at both the former and new employers.
New Delhi: The Provident Fund (PF) amount is regarded as the most important investment for the working class's future. The Employees Provident Fund Organisation, or EPFO, Board of Trustees has made a crucial decision addressing the transfer of PF money while changing jobs, which is good news for service class employees.
The EPFO Board of Trustees adopted a centralised IT system of PF account on Saturday (November 20) at its 229th meeting, allowing employees to avoid having their PF funds moved when they change jobs.
When an employee changes jobs, the PF account number remains intact, and the employee does not have to worry about PF account transfer.
After quitting a job, the PF holder is required to file documentation at both the former and new employers, according to the current rules. Many PF holders do not transfer their funds to the new account due to all of these complicated and time-consuming procedures.
A new PF account is formed in the new firm using the prior UAN number. Because the PF holder has not transferred the PF money from the prior business, it does not show the total amount in the PF account.
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