Making the life of account holders easier, EPFO has now started the facility of automatic transfer. Now you will not have to apply for fund transfer by manually submitting a request while changing jobs.
New Delhi. There is good news for EPFO account holders. Now account holders will not need to request for PF transfer manually 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, the money in the EPF account will be transferred automatically. Let us tell you that employees have to keep 12 percent of their salary in EPF. Besides, the employer also has to deposit equal amount in the EPF account on behalf of the employee.
What is the benefit of UAN?
Universal Account Number (UAN) is issued by different employers to their employees. It works as a centralized platform for different EPFO accounts. This links different accounts together. The UN provides many types of services. Such as, UAN card, transfer-in details, ability to link PF ID of previous members with current PF ID and EPFO related information are received through SMS.
What is EPFO?
It is a body working under the Ministry of Labor and Employment of the Government of India. Its function is to regulate and manage the pension fund 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 forms the provident fund for the employee.
