Automatic PF transfer to your new job: Here's a minor detail that needs attention
The worries of transferring your Provident Fund (PF) account to your new office will soon be over as the government is readying to introduce a system of automatic PF transfer.
VP Joy, Chief Provident Commissioner was quoted in media reports as saying that PF will soon be automatically transferred to an employee's new office within three days.
Currently, transferring PF to your new company takes a lot of form filling and many weeks of waiting.
To make matters easier, the Ministry of Labour & Employment in May this year said that Employee Provident Fund (EPF) will be able to make payments throught electronic or digital fund transfer systems.
Now, the ministry has gone a step further and is making manual transfer of PF redundant.
Joy said, "We are trying to ensure transfer of money if one changes jobs, without any application, in three days."
However, one needs to have a valid Aadhaar number in order to get their PF automatically transferred to their new place of employment.
Joy said, " In future, if one has an Aadhaar ID and has verified the ID, then the account will be transferred without any application if the worker goes anywhere in the country."