Employees' Provident Fund Organisation (EPFO) has decided to make Provident Fund account transfer automatic on switching jobs. How helpful is this move for you? Let’s find out.
Easy transfer of PF accounts: Till now employees used to avoid hassle of PF transfer by simply closing their old account and open a new one in the new organisation; with the latest move it will not be a problem anymore.
Better for social security: The move aims at social security as the funds will be automatically transferred to the new organisation and the employee will not have to anything for it.
Link with Aadhaar Card: As it has now become mandatory to link Aadhaar card with the PF account, no application will be required to process the fund transfer in case of job switch.
Tracking of old accounts: Less number of accounts means easy handling and data tracking.
If you have anything more to say about the move, kindly write us at firstname.lastname@example.org