Switching jobs? Don’t fret over PF account, it will get transferred. Here are the details
Aug 11, 2017, 12:01 IST
One of the main issue that employees face while exiting a company is closing their Provident Fund (PF) account. But, this won’t be a headache now as the Employees’ Provident Fund Organisation (EPFO) is working on employee-friendly initiatives.
Among the slew of initiatives, one of them is transferring the PF amount when you change the job.
Chief provident fund commissioner V P Joy said PF account will automatically get transferred when you change your job.
"Whenever there is a change of job, a lot of accounts are closed; then they (the employees) restart their account later on. Now we have made Aadhaar compulsory for enrollment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security," said Joy.
The PF amount will be transferred within three days and you won’t require to fill any form or submit any application.
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Among the slew of initiatives, one of them is transferring the PF amount when you change the job.
Chief provident fund commissioner V P Joy said PF account will automatically get transferred when you change your job.
"Whenever there is a change of job, a lot of accounts are closed; then they (the employees) restart their account later on. Now we have made Aadhaar compulsory for enrollment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security," said Joy.
The PF amount will be transferred within three days and you won’t require to fill any form or submit any application.
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