EPFO: For those with EPFO accounts, there is good news. Account holders will no longer have to manually request a PF transfer when they change jobs. EPFO has initiated the automated fund transfer service. This facility became operational on April 1st, or today. Before, consumers needed to request a PF transfer even when they held a Universal Account Number (UAN). This work was a little exhausting.
Simplified Job Changes
People in employment can now look for a new position without having to worry about this trouble. The funds in the EPF account will be automatically transferred when changing jobs. As an employee, you must set aside 12% of your pay for Employee Provident Funding (EPF). Additionally, on behalf of the employee, the employer must likewise deposit the same amount into the EPF account.
Universal Account Number (UAN) Provision
Employees receive Universal Account Numbers (UAN) from various employers. It functions as a single hub for several EPFO accounts. This creates a connection between various accounts. The UN offers a wide range of services. Information connected to EPFO, UAN cards, transfer-in details, and the opportunity to link former members’ PF IDs with current PF IDs are all received via SMS.
What is EPFO?
The Employees’ Provident Fund Organisation is referred to as EPFO. It is a statutory body under the Government of India’s Ministry of Labour and Employment. For the benefit of workers in India’s organised sector, EPFO manages social security programmes such as the Employees’ Provident Fund (EPF), Pension Scheme (EPS), and Insurance Scheme (EDLI).
Employees are required to participate in the Employee Provident Fund (EPF) scheme, which allows both the employer and the employee to pay a portion of the employee’s salary towards retirement savings. The EPFO oversees these contributions in order to give workers retirement benefits and financial stability at the conclusion of their employment.
