Employee’s PF Account Will Be Transferred Automatically In Case Of Job Change
Now you no need to close your PF Account if you changing your job as Government Of India has come up with an initiative to benefit EPF subscribers. Employee’s PF account will automatically be transferred in case he changes his job / move from one company to another across India.
Earlier if a person quits or join a new organization an employee had to necessarily open a new PF account in that company and transfer application has to be submitted to the new company to transfer the previous balance in the new account. This was a hassle and many employees used to avoid the process especially when job switching was more frequent. As a result either they used to withdrew the money from the old account or leave it as it is.
Now EPFO introduced a new system ie. Every Employee’s PF Account will be linked with Aadhaar. Aadhaar has now been made compulsory for opening a PF account to avoid any fraudulent withdrawal of money from one’s PF account as well as easy transfer of PF Account if you change your job. Automatic PF account transfer will let employees continue with their accounts and not open new accounts without transferring funds.
The PF account has already become a permanent account. The worker can retain the same account for social security. 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.
Tags : Employee’s PF Account Transfer, EPFO Account Transfer, PF Account Transfer