Employees' Provident Fund or PF account will now onwards be automically transferred when he/she changes job.
''We are trying to ensure transfer of money if one changes jobs, without any application, in three days, chief provident fund commissioner V P Joy was quoted as saying by Times of India. He further said,''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."
The chief provident fund commissioner has been pushing a slew of initiatives in the Employees' Provident Fund Organisation to make it more worker-friendly. They are also running a a campaign to educate workers that money from PF account should only be withdrawn only for essential puposes.
EPFO has recently made it mandatory for all subscribers as well as pensioners to submit their Aadhaar number. This will help linking EPF account, pension account, bank account and Aadhaar number which would eventually facilitate providing a host of online facilities to subscribers like online withdrawal and fixation of pension.