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Automatic Transfer Of EPF Accounts On Job Change To Be A Reality Soon


Automatic Transfer Of EPF Accounts On Job Change To Be A Reality Soon

A centralised system okayed by EPFO’s board will allow merger of all PF accounts

In an employee-friendly transfer, the staff’ provident fund organisation (EPFO) has cleared the event of a centralised IT-enabled system by C-DAC, which is able to allow merger of all EPF accounts of its members and get rid of the requirement of getting one’s account transferred in case of job adjustments.

In easy phrases, workers quickly will not have to fret about getting their EPF accounts transferred to their new organisations whereas altering jobs.

This centralised system will facilitate the de-duplication and merger of all PF accounts of members. It would take away the requirement of switch of EPF account every time a member adjustments jobs.

EPFO’s Central Board of Trustees (CBT) took this resolution throughout their assembly, which was held on November 20, 2021.

As of now, if anyone adjustments jobs, then a brand new EPF account for that particular person is opened within the new organisation and the worker has to get his or her cash – which is held within the EPF account created by the earlier organisation – transferred to the brand new account.

This must be executed on-line on the Member Sewa portal of the EPFO if the worker’s Common Account Quantity (UAN) is linked with Aadhaar. If UAN just isn’t linked with Aadhaar, then the worker can get the cash transferred to the brand new EPF account by submitting a type to the brand new employer.

Based on an announcement issued by the labour ministry after the board’s assembly on November 20, “approval was accorded for growth of centralised IT-enabled techniques by C-DAC. Publish this, the sphere 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 would take away the requirement of switch of account on change of job.”

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