PF account to be automatically transferred on job switch
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From September, the Provident Fund of your current organisation will be automatically transferred to the next office that you join, as per a report in the Times of India.
TOI quoting chief provident fund commissioner V P Joy said, “Now we have made Aadhaar compulsory for enrolment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security".
The PF commissioner, is pushing a host of initiatives in the Employees' Provident Fund Organisation (EPFO) to make it more worker-friendly. However, one of the main challenges that the Retirement fund body faced was premature closure of accounts whenever there was a change of job.
"We are trying to ensure transfer of money if one changes jobs, without any application, in three days. In future, if one has an Aadhaar ID and has verified the ID, then the account will be transferred without any application if the worker goes anywhere in the country. This system will be in place very soon," Joy told the TOI.
EPFO has made it mandatory for all subscribers as well as pensioners to submit their Aadhaar number. This will help linking EPF account, pension account, bank account and Aadhaar number which would eventually facilitate providing a host of online facilities to subscribers like online withdrawal and fixation of pension. #casansaar (source - PTI, ZeeNews)
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