Planning to change your job? Soon, EPF transfer will be automated

1. Planning to change your job? Soon, EPF transfer will be automated This will enable the employee to get the credits of his EPF contribution during his previous tenure with old employer into his or her UAN automatically Current Affairs: Endorsers of retirement support body EPFO would not require to record representative provident store (EPF) exchange guarantees on changing Job from the following financial as the procedure would be made mechanized, as indicated by a work service official.

2. At present, the supporters of the Employees Provident Fund Organization (EPFO) are required to record exchange of EPF guarantees on changing occupations regardless of having widespread record number (UAN). The EPFO gets around eight lakh EPF exchange guarantees each year. "The EPFO is trying the mechanization of EPF exchange on changing occupations on pilot premise. The office for all endorsers is relied upon to be propelled whenever one year from now," a senior work service official said. The authority stated, "The EPFO had drawn in the C-DAC to ponder its working frameworks to accomplish the objective of getting to be paperless association. At present, 80 percent of the work is being done on the web. The robotized exchange of EPF on changing occupations is one of the devices to be utilized to accomplish that objective." The authority clarified that the minute the new business would document the month to month EPF return including the UAN of the new worker, the EPF commitments and premium earned on that would be naturally exchanged. This will empower the worker to get the credits of his EPF commitment amid his past residency with old boss into his or her UAN naturally. Continue Reading