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

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 modifications.In easy phrases, staff 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 will take away the requirement of switch of EPF account at any time when a member modifications 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 modifications 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 needs to be achieved online on the Member Sewa portal of the EPFO if the worker's Universal Account Number (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.According to a press release issued by the labour ministry after the board's assembly on November 20, “approval was accorded for development of centralised IT-enabled systems by C-DAC. Post this, the field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The centralised system will facilitate de‐duplication and merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job.”