Now, your PF account will be transferred automatically on job switch

From next month, your PF account will be transferred automatically when you change your job, chief provident fund commissioner V.P Joy has said.

Joy, who is pushing a slew of initiatives in the Employees’ Provident Fund Organisation (EPFO) to make it more worker-friendly, said the premature closure of accounts was one of their main challenges, and they were trying to address it by improving services.

“Whenever there is a change of job, a lot of accounts are closed; then they (the employees) restart their account later on,” he added.

“Now we have made Aadhaar compulsory for enrollment. 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,” Joy added.

“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,” he added.

(Agencies)

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