PF account to be automatically transferred on job switch (Article on Times of India) 11th August
From next month, your PF account will be transferred automatically when you change your job, chief provident fund commissioner V P Joy has said.
Joy, who is pushing a slew of initiatives in the Employees' Provident Fund Organisation (EPFO) to make it more worker-friendly, said premature closure of accounts was one of their main challenges, and they were trying to address it by improving services.
"Whenever there is change of job, a lot of accounts are closed; then they (the employees) restart their account later on," he added.
"Now we have made Aadhaar compulsory for enrolment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security," Joy added.
"We are trying to ensure transfer of money if one changes jobs, without any application, in three days. In future, if one has an Aadhaar ID and has verified the ID, then the account will be transferred without any application if the worker goes anywhere in the country. This system will be in place very soon," he added.
The EPFO has also stepped up efforts to expand coverage, and initial results have been positive. "During the campaign from January to June, more than one crore workers were enrolled. Now, we are trying to retain them by improving services," Joy said.
Joy said PF money should be withdrawn only for major purposes like housing, education of children, or serious hospitalisation. "...Only then will people get social security. So, we are now starting a campaign...to educate people that money must be withdrawn only for essential purposes," Joy said.
Source: Times of India
EMKAY CONSULTANCY SERVICES (ESTT 1985)
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Call us- 022 25440636 / 022 25390466.
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59From next month, your PF account will be transferred automatically when you change your job, chief provident fund commissioner V P Joy has said.
Joy, who is pushing a slew of initiatives in the Employees' Provident Fund Organisation (EPFO) to make it more worker-friendly, said premature closure of accounts was one of their main challenges, and they were trying to address it by improving services.
"Whenever there is change of job, a lot of accounts are closed; then they (the employees) restart their account later on," he added.
"Now we have made Aadhaar compulsory for enrolment. We don't want accounts to be closed. The PF account is the permanent account. The worker can retain the same account for social security," Joy added.
"We are trying to ensure transfer of money if one changes jobs, without any application, in three days. In future, if one has an Aadhaar ID and has verified the ID, then the account will be transferred without any application if the worker goes anywhere in the country. This system will be in place very soon," he added.
The EPFO has also stepped up efforts to expand coverage, and initial results have been positive. "During the campaign from January to June, more than one crore workers were enrolled. Now, we are trying to retain them by improving services," Joy said.
Joy said PF money should be withdrawn only for major purposes like housing, education of children, or serious hospitalisation. "...Only then will people get social security. So, we are now starting a campaign...to educate people that money must be withdrawn only for essential purposes," Joy said.
Source: Times of India
EMKAY CONSULTANCY SERVICES (ESTT 1985)
LABOUR LAW CONSULTANT.
104, Animesh Appartment, lohar ali,Station Road,
Near Karnavat Classes & Laxmi book depot,
Above SUN Enterprises,
Thane west 400602.
Call us- 022 25440636 / 022 25390466.
Cell No - 8655800550 / 9833043749.
Home
Our Google+ A/c
Our App https://goo.gl/qJ9CBf
Like us on Facebook
From India, Thana
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PF - JT BK ACCOUNT ACCEPTABLE.pdf