New Delhi: Merging Workers’ Provident Fund (EPF) or transferring EP accounts will quickly change into a factor of the previous.
In an enormous reduction to the working staff of the nation, a labour ministry assertion mentioned that the EPFO has given inexperienced mild for growing a centralised IT-enabled system by C-DAC that may allow merger of all EPF accounts of its members and eliminate the requirement of getting a member’s account transferred on account of job change.
In different phrases, it is a large transfer for the EPF account holders as they gained’t have to fret about getting their accounts transferred to their new organisations after altering jobs.
With the appearance of the centralised system, the workers will get advantages. This technique will facilitate the de-duplication and merger of all PF accounts of members, and thus will take away the requirement of switch of EPF accounts every time a member modifications his/her job. The choice was taken on the 229 assembly of the Central Board of Trustees, which was held on November 20.
At the moment, when a member modifications his/her job, a brand new EPF account for that worker is opened with the brand new firm. The individual must switch the cash held within the EPF account with the earlier firm to his/her new employer. The switch of PF quantity might be completed on-line too. A brand new passbook can be created with each new organisation for simple understanding of the account.
This course of must be completed on-line on the Member Sewa portal of the EPFO if the worker’s Common Account Quantity (UAN) is linked with Aadhaar. If a member’s UAN isn’t linked with Aadhaar, then the individual can get the cash transferred to the brand new EPF account by submitting a type to the brand new employer.
“Approval was accorded for development of centralised IT-enabled systems by C-DAC. Post this, the field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The centralised system will facilitate de‐duplication and merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job,” a labour ministry assertion mentioned on November 20.
In keeping with the assertion, the EPFO has added round 15.41 lakh web subscribers throughout the month of September.