There is a piece of great news for the working employees. Employees’ Provident Fund Organisation (EPFO), has made a big change regarding fund transfer. After this change, you will not have to worry about fund transfer when you change jobs.
According to reports, your PF account will be transferred automatically after changing job. In this regard, EPFO has now approved the Centralized IT-enabled system. This change will directly benefit crores of employees across the country.
Earlier, employees had to transfer their PF funds on their own when they changed jobs. At the same time, after this change made by EPFO, you will not need to do anything if you change jobs. Your PF funds will be transferred automatically. After this change made regarding PF fund transfer, many employees across the country are happy.
This new system has been developed by the Center for Development of Advanced Computing. This system works in a phased manner. In this, the facility of de-duplication and merger of PF accounts of the member will be available. The decision to change this was taken during the meeting of the Central Board of Trustees under the chairmanship of Union Labor Minister Bhupendra Singh.
If you leave your old job and move to a new job, your PF account will be transferred automatically. You will not need to do anything in this regard.
With the advent of this centralized system, the employees are going to get a lot of benefits. After this change, one account will be created by merging the PF accounts of the employees. Due to this, they will not need to take any tension regarding transfer of PF account.