Soon, your PF money will move with you 'automatically' to your new job
EPFO says the idea behind the move is
to make PF transfer exercise more worker friendly.
Mumbai: From September, 2017, over 4 crore subscribers
of Employees' Provident Fund Organisation will have a reason to rejoice as the
provident fund authorities are working out a plan that will facilitate an
automatic transfer of PF corpus along with the employee to a new company.
At
present, an EPFO member or the employee is required to log on to the EPFO
website to get their PF money transferred to their new account at their new
company. They also pass through a cumbersome process of claiming their PF
money, as the application requires filling up of multiple forms and a
multi-level of scrutiny from the office of the provident fund commissioner,
before it is finally accorded a full and final settlement.
A
report in The Times of India
quoted chief provident fund commissioner V P Joy as saying, "From next
month, your PF account will be transferred automatically when you change your
job."
The
EPFO has also made linking of Aadhaar with PF account compulsory as a counter
measure to the rising number of accounts that are closed by employees when they
quit their job. According to Joy, premature closure of PF accounts is a big
challenge for EPFO authorities who are working towards its resolution to
improve services.
Of
late, the provident fund officers are bringing about a number of policy changes
so as to make the entire exercise friendly to the EPFO members. Right now, an
employer who want to withdraw their PF money can apply for the same after two
months of leaving their job.
Those
who do not want to withdraw PF money after quitting their job can apply for a
transfer either through their companies or by logging on to the EPFO website,
which has an online transfer of PF money facility.
Every
employee is required to fill at least six PF claims forms and to take it
forward they need to first get these forms verified by their respective
employers. After a thorough scrutiny, and if the forms are found to be
accurate, the company forwards them to provident fund office concerned that
also vets the application.
Regards
Pralhad
Jadhav
Senior Manager @
Knowledge Repository
Khaitan
& Co
Upcoming Conference | National
Conference on Transforming Libraries into Knowledge Resource Centres 11th –
12th January 2018, SNDT Mumbai For further details contact Prof
Jyoti Bhabal (jyotibhabal@gmail.com )
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