The Employees' Provident Fund Organisation (EPFO) has made major changes in the rules for its millions of members. According to the new decision, now if an EPFO member changes his/her job, his/her PF amount will be automatically transferred to the new company, relieving members of the application work.
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After the introduction of the new facility, the employees will not have to fill out Form-31 to transfer the PF amount from the old company to the new company. Earlier, at the time of change of jobs, PF account holders had to complete the formalities related to applications despite having a Universal Account Number (UAN). Under this, a special Form-31 had to be filled and submitted. Within days, the money was being transferred to a new company. Under the new system, there will be relief from completing many formalities.
No errors either When an employee changes jobs, the new company is added to his UAN (PF account). S/he has to go to the EPFO website and link the old PF account online with the new account. EPFO members often face difficulties in this process. Sometimes there is also the possibility of something going wrong. In addition, old and new employees have to complete their formalities. Now the EPFO member will have no role in this process. UAN is essential for Universal Account Number (UAN) serves as a centralized platform for PF account holders. This allows the member to link multiple PF accounts at the same time. UAN also provides other services. Under this, EPFO members can download their UAN card and PF passbook with his help. Information about the total balance can be obtained through SMS.