PF Transfer New Rules: Now balance will be transferred automatically from EPFO account, detail here
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Making the lifetime of account holders simpler, EPFO has now began the power of automated switch. Now you will not have to use for fund switch by manually submitting a request whereas altering jobs.
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New Delhi. There is sweet information for EPFO account holders. Now account holders will not have to request for PF switch manually on altering jobs. EPFO has began the power of automated fund switch. This facility has began being accessible from 1st April i.e. at present. Earlier, regardless of having a Universal Account Number (UAN), individuals needed to request for PF switch. This was considerably tiring work.
Now employed individuals can seek for a brand new job with out worrying about this problem. On altering new job, the cash within the EPF account will be transferred automatically. Let us let you know that staff should maintain 12 p.c of their wage in EPF. Besides, the employer additionally has to deposit equal quantity within the EPF account on behalf of the worker.
What is the good thing about UAN?
Universal Account Number (UAN) is issued by completely different employers to their staff. It works as a centralized platform for various EPFO accounts. This hyperlinks completely different accounts collectively. The UN offers many sorts of providers. Such as, UAN card, transfer-in particulars, means to hyperlink PF ID of earlier members with present PF ID and EPFO associated info are acquired via SMS.
What is EPFO?
It is a physique working underneath the Ministry of Labor and Employment of the Government of India. Its operate is to control and handle the pension fund of staff. It additionally manages social safety agreements with different international locations. At current 8.10 p.c curiosity is being given in EPFO. In this, each the employer and the worker deposit cash and get curiosity on that cash. This complete quantity collectively types the provident fund for the worker.
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