Highlights

  • EPFO has approved the development of centralised IT-enabled systems 
  • Employees will not have to get their PF fund transferred when they change jobs

Latest news

Apple CEO Tim Cook emphasises on investment in AR, metaverse

Apple CEO Tim Cook emphasises on investment in AR, metaverse

Bodies of Indians who died at US-Canada border won't be brought back: relatives

Bodies of Indians who died at US-Canada border won't be brought back: relatives

Mouni Roy and Suraj Nambiar host pool party for guests post wedding

Mouni Roy and Suraj Nambiar host pool party for guests post wedding

Vicky Kaushal and Sara Ali Khan wrap up Lakshman Utarkar's film, Sara pens heartfelt note for team

Vicky Kaushal and Sara Ali Khan wrap up Lakshman Utarkar's film, Sara pens heartfelt note for team

Uttarakhand Election 2022: Land Laws agitation threatens to shift ground under BJP's feet

Uttarakhand Election 2022: Land Laws agitation threatens to shift ground under BJP's feet

Now you don’t have to transfer your PF; here’s what EPFO Board decision said

The decision was taken at the 229th meeting of the EPFO's top decision-making body, the Central Board of Trustees (CBT), headed by Union labour minister Bhupender Yadav

In a sweeping change for millions of PF account holders, the EPFO has approved a new system where employees will not need to transfer their PF account if they change jobs.

The EPFO Board of Trustees adopted a centralised IT system of PF account on Saturday (November 20) at its 229th meeting, allowing employees to avoid having their PF funds moved when they change jobs. Simply put, the centralised system is expected to merge various PF accounts of individuals and convert it into one.

The field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The system will facilitate the de-duplication and merger of all PF accounts of any member.

After the development of the systems by the Centre for Development of Advanced Computing or C-DAC, an employee’s PF account number will remain the same if they change their jobs and they won’t have to worry about the account transfer.





Up Next

Now you don’t have to transfer your PF; here’s what EPFO Board decision said

Now you don’t have to transfer your PF; here’s what EPFO Board decision said

Budget 2022: Will the PPF contribution limit be doubled?

Budget 2022: Will the PPF contribution limit be doubled?

Forget gold, stocks or art: Build your investments in Lego to get the best returns

Forget gold, stocks or art: Build your investments in Lego to get the best returns

Meet the influencer who makes up to Rs 70 lakhs a day teaching Excel

Meet the influencer who makes up to Rs 70 lakhs a day teaching Excel

Pink Tax: The extra price you pay for being a woman!

Pink Tax: The extra price you pay for being a woman!

FD interest rate hike: Good for savers but could spell bad news for borrowers

FD interest rate hike: Good for savers but could spell bad news for borrowers

More videos

Govt extends deadline to file income tax returns, here is till when and why

Govt extends deadline to file income tax returns, here is till when and why

 Sovereign Gold Bond Scheme opens: Here is all you need to know including how to get a discount on gold

Sovereign Gold Bond Scheme opens: Here is all you need to know including how to get a discount on gold

SBI changes IMPS norms, service charges - here is all you need to know

SBI changes IMPS norms, service charges - here is all you need to know

Bank holidays in January 2022

Bank holidays in January 2022

ITR Filing: The last minute rush for filing income tax returns before 31

ITR Filing: The last minute rush for filing income tax returns before 31

PMC Bank customers face hardship again! Restrictions extended by RBI

PMC Bank customers face hardship again! Restrictions extended by RBI

Want a job in Gulf? The govt is making it easier for you to get one

Want a job in Gulf? The govt is making it easier for you to get one

Do these tasks before December 31 or you may face financial penalty

Do these tasks before December 31 or you may face financial penalty

Elon Musk to create another record - to pay $11 billion in taxes this year

Elon Musk to create another record - to pay $11 billion in taxes this year

SBI hikes base rate, loans start to get expensive: All the details here

SBI hikes base rate, loans start to get expensive: All the details here

Editorji Technologies Pvt. Ltd. © 2019 All Rights Reserved.