The Employees Provident Fund Organization (EPFO) has made a big change to save the EPFO member from the hassle of changing jobs. With the new rule, the PF amount will be automatically transferred to the new company or employer on changing jobs. The member will not need to apply separately for this. These new rules have also been implemented. With the introduction of this new facility, employees will not have to fill out Form-31 to transfer the PF amount from the old to the new company.
what used to happen before
In this system, there will be freedom from completing many formalities. Earlier, when EPFO members changed jobs, PF account holders had to complete application formalities despite having a Universal Account Number (UAN). Under this, a special type of Form-31 had to be filled and submitted. After this, the amount was transferred to the new company within a few days.
This work will not happen now
When an employee changes his job, a new company or employer gets added to his UAN (PF account). He had to go to the EPFO website and link the old PF account to the new account online. EPFO members often faced problems in this process. The old and new employers also had to complete their formalities.
What is the rule of EPFO?
According to the rules of EPFO, employees have to contribute 12 percent of their salary towards PF. Employers also have to contribute an equal amount. Through this account, an employee gets a pension in the future.
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