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Job Change: Automatic transfer of PF accounts soon
Chief Provident Fund Commissioner VP Joy said that the PF accounts will be transferred automatically when the employees change their job.
NEW DELHI: Chief Provident Fund Commissioner VP Joy said that the PF accounts will be transferred automatically when the employees change their job.
Joy, who is pushing a slew of initiatives in the Employees' Provident Fund Organisation (EPFO) to make it more worker-friendly, said premature closure of accounts was one of their main challenges, and they were trying to address it by improving services.
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.
"Whenever there is change of job, a lot of accounts are closed and the employees will have to restart their account later on," he added.
"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," Joy added.
Joy, who is pushing a slew of initiatives in the Employees' Provident Fund Organisation (EPFO) to make it more worker-friendly, said premature closure of accounts was one of their main challenges, and they were trying to address it by improving services.
