New rules of PF transfer: Now balance will be automatically transferred from EPFO account, complete details here
New Delhi. There is good news for EPFO account holders. Now account holders will not need to make manual request for PF transfer on changing jobs. EPFO has started the facility of automatic fund transfer. This facility has started being available from 1st April i.e. today. Earlier, despite having a Universal Account Number (UAN), people had to request for PF transfer. This was somewhat tiring work.
Now employed people can search for a new job without worrying about this hassle. On changing new job, money will be automatically transferred to the EPF account. Let us tell you that employees have to keep 12 percent of their salary in EPF. Apart from this, the employer also has to deposit an equal amount in the EPF account on behalf of the employee.
What is the benefit of UAN?
Universal Account Number (UAN) is issued by various employers to their employees. It works as a centralized platform for various EPFO accounts. It links different accounts together. The United Nations provides a wide variety of services. Like, UAN card, transfer-in details, ability to link previous members’ PF ID with current PF ID and EPFO related information are received through SMS.
What is EPFO?
It is an organization working under the Ministry of Labor and Employment of the Government of India. Its function is to regulate and manage the pension funds of employees. It also manages social security agreements with other countries. At present 8.10 percent interest is being given in EPFO. In this, both the employer and the employee deposit money and get interest on that money. This total amount together becomes the provident fund for the employee.
