Your PF account will be transferred automatically when you switch to a new job

“No worries on Provident fund aspect, even if next month you are planning to change your job”

A Times of India’s report states that from September, the Provident Fund of the present organisation will be transferred to the subsequent office that is joined, automatically.

V P Joy, the chief Provident fund commissioner, stated said, “Aadhaar has been made compulsory for enrollment and we don’t want the closure of any accounts. As the PF account is the permanent account, the employee, for social security, can retain the same account.

To make this process more employee-friendly, the commissioner of the Provident fund, is taking a lot of initiatives in the Employees’ Provident Fund Organisation (EPFO). However, retirement fund body faced a major challenge regarding the premature closure of accounts whenever the employee changes a job.

The department is trying to ensure that whenever there is a job change, the money is transferred within three days, without any application. The process will soon make sure that, in future, if the employee has a verified Aadhaar ID then the corresponding Provident fund account will be transferred without any application, wherever the worker goes in the country.

According to EPFO, it is mandatory to submit the Aadhaar number for all the subscribers as well as the pensioners. This will help in linking the EPF account, pension account of the employee, bank account and Aadhaar number. This would ultimately help in providing a plethora of online facilities to subscribers like online withdrawal and fixation of pension.