In the board meeting of the Central Board of Trustees of the Employees' Provident Fund Organization (EPFO), a big announcement has been made on Saturday, it is being told that the Centralized IT System of Provident Fund (PF) account will be approved. There is news of big relief for all EPF account holders in the country, this decision was taken in the meeting of Central Board of Trustees of EPFO under the chairmanship of Labor Minister Bhupendra Yadav.
This means that now on changing jobs, there will be no need to transfer the money deposited in the EPF account of the first company to the new PF account.
If you want, you can continue with the old account in the new institution as well.
The employee will have the option that if he wants, he can continue the old account in the new institution as well, the Central Board of Trustees of EPFO has also approved the creation of a centralized IT system for this.
After this new system, the problem of the employee will go away.
Actually, for this, there are some paper formalities in the old and new company which have to be completed. In the new company, the second PF account is created on the earlier UAN but the full balance is not visible in this PF account, but after this new arrangement. This problem of the employee will go away.
