PF Account to be Automatically Transferred on Job Change in Just 3 Days

Latest Updates 649 views

There’s good news for all Employees Provident Fund Organization (EPFO) subscribers. Now, their PF proceeds can be transferred on changing jobs automatically. This rule will be put into effect from the next month. In short, a hassle free paperless process has been put in place to make it more convenient. The announcement was made by Mr. V P Joy, Chief Provident Fund Commissioner. He has been pressing for several initiatives in the EPFO to ensure it is made more worker-friendly. Moreover, the Commissioner added that a premature closure of accounts is one of the key challenges, the EPFO is looking to address by improving its services. He also said, “Whenever there is a change in jobs, a lot of accounts are closed; then the employees restart their account later on”. Reaffirming the importance of Aadhaar, the Chief Commissioner said that a biometric authentication card has been made compulsory for enrollment. A PF is going to be the permanent account and the worker can retain the same account for social security, he said.

PF Transfer to be Made in Just 3 Days

In case you change your job, the PF transfer can be made in just three days. That too, without any application. This is what the EPFO is stressing on particularly. So, if you have an Aadhaar Card, you can get the PF transferred without any application if you switch your location. “The process will be implemented very soon”, added Mr. V P Joy.

Currently, it takes around 2-3 months for the PF balance to get transferred even after the necessary documents are submitted.

People Also Look For  Bharatiya Mahila Bank to merge with SBI, Women borrowers to get Benefits

EPFO Subscribers Shoot Up by More than 1 Crore

EPFO, through its campaign from January to June, has added more than 1 crore members. The retirement body looks to retain them by providing improved services.

Personal Loan Interest Rates January 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 10.99% - 20.70%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 12.99% - 20.00%
Kotak Bank 10.99% - 17.99%
RBL 14.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 11.49% - 18.00%
Home Loan Interest Rates January 2018
State Bank of India/SBI 8.30% - 8.60%
HDFC 8.35% - 8.95%
Bank of Baroda 8.30% - 9.30%
LIC Housing 8.35% - 8.70%
PNB Housing Finance 8.35% - 8.70%
ICICI Bank 8.35% - 8.85%
Axis Bank 8.40% - 8.80%
Citibank 8.60% - 9.35%
Indiabulls Housing Finance Limited 8.35% - 8.55%
Kotak Bank 8.40%
EMI Calculator