Employees don't have to transfer PF funds when changing jobs: EPFO
PremiumThe decision was taken at the 229th meeting of the EPFO’s top decision-making body, the Central Board of Trustees (CBT), headed by Union Labour Minister Bhupender Yadav.
Retirement fund body Employees' Provident Fund Organisation (EPFO) has approved the development of centralised IT-enabled systems by the Centre for Development of Advanced Computing (C-DAC). This move will allow an employee’s PF account number to remain the same if they change their jobs. This way they won’t have to worry about the account transfer.
The field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The system will facilitate the de-duplication and merger of all PF accounts of any member.
As per the retirement fund body press release, “approval was accorded for development of centralised IT-enabled systems by C-DAC. Post this, the field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The centralised system will facilitate de‐duplication and merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job."
EPFO has decided to empower its advisory body Finance Investment and Audit Committee (FIAC) to make decisions on investing in new asset classes for provident and pension funds in India. As per the official statement, "the Board decided to empower the Finance Investment and Audit Committee (FIAC) to decide upon the investment options, on case-to-case basis, for investment in all such asset classes which are included in the pattern of investment as notified by government of India.
Additionally, EPFO has decided to constitute four sub-committees, comprising members of the board from employees' and employers’ sides as well as representatives of the government.
The committees on establishment related matters and futuristic implementation of the social security code will be headed by the minister of state for labour and employment. The Union labour and employment secretary will head the remaining two on digital capacity building and pension related issues.
The 229th meeting of Central Board of Trustees (CBT), apex decision-making body of EPFO, was headed by Minister for Labour and Employment Bhupender Yadav.
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