PF Account Transfer To Become Automatic When One Switches Jobs
New Delhi: Good news for employees who find it difficult to transfer provident fund, whenever one changes a job. According to reports, the provident fund transfer would be made automatic from next month when changing jobs.
The report also quoted Chief Provident Fund Commissioner VP Joy saying that they are trying to ensure transfer of money if one changes jobs, without any applicationA�in three days.
But, the only condition is that the account holder must have a verified Aadhaar ID. With that condition fulfilled, the account will get transferred to any part of the country automatically. He assured that the system would be in place very soon.
The move is meant to address the problems of premature closure of accounts that usually happens when an employee changes jobs.
The PF account has already become a permanent account. It may be recalled that the government had introduced Universal Account Number or UAN in October 2014. It is a unique identification number accorded to EPF subscribers. According to the EPFO website, the UAN acts as an umbrella for the multiple member identities allotted to the same member by different establishments.
Earlier, when the subscriber changed jobs, it had been his responsibility to get the account transferred. With the introduction of automatic transfer of account, the EPFO is moving one step ahead of being customer friendly.