Now there will be no hassle in changing jobs, money will be automatically transferred to EPFO ​​in this way!

PC:tv9hindi

If you are employed then it is necessary for you to have an EPFO ​​account. In such a situation, this news can be beneficial for you. Whenever you change jobs, you often have to go through the trouble of transferring your EPFO ​​balance along with it. Sometimes EPFO ​​balance transfer is not possible for several months. But this will not happen now. EPFO account holders will no longer need to manually request for PF transfer while changing jobs. EPFO has started the facility of automatic fund transfer. This facility is available from April 1st. Earlier, despite having a Universal Account Number (UAN), people had to request for PF transfer, but now this will not be necessary.

The remaining amount will be transferred automatically. Job seekers can now search for new jobs without worrying about this hassle. On changing jobs, money will be automatically transferred to the EPFO ​​account. It is noteworthy that employees have to deposit 12 per cent of their salary in EPFO. Additionally, employers are also required to deposit the same amount into the employee's EPFO ​​account.

Why is UAN necessary for online PF transfer?

Universal Account Number (UAN) works as a centralized platform for multiple member IDs issued by different employers. It provides the facility to link multiple EPF accounts (member IDs) to the same member. UAN offers various services, including a UAN card, an updated PF passbook with all transfer-in details, the ability to merge a previous member ID with the current one and monthly SMS notifications regarding contribution credit.