EPFO Update: Now employees won’t have to transfer PF; here’s why

EPFO recently announced that it added 15.41 lakh subscribers in September 2021.

New Delhi: The EPFO, or Employees Provident Fund Organisation, recently gave the go-ahead for the creation of centralised IT-enabled systems. Employees will no longer have to transfer money from their provident funds when they move jobs as a result of this.

Even if a person changes positions after the relocation to the Centre for Development of Advanced Computing, or C-DAC, to create the systems, their provident fund number will remain the same. They are not supposed to worry about transferring the accounts as a result of this. The Central Board of Trustees (CBT), EPFO's ultimate decision-making authority, made this decision at its 229th meeting.

Union labour minister of state Bhupender Yadav presided over the meeting, which took place on November 20. "After then, the field functionalities will be integrated into a central database, allowing for smoother operations and improved service delivery." The centralised system will make it easier to deduplicate and consolidate all of a member's PF accounts. It will eliminate the requirement for a transfer of account when a person changes jobs, according to a government statement.