Good news for Employee Provident Fund (EPF) subscribers! From the next fiscal, EPF account holders would not need to file EPF transfer claims while switching jobs as the process would be automated.
How EPF Transfers would work from FY 2019-20
According to a senior labour ministry official, Employee Provident Fund Organization (EPFO) is currently testing the automated EPF transfer service on a pilot basis and the facility can be launched anytime in the next fiscal year. The automated EPF transfer service, once implemented, will enable any employee who has switched his job to get his EPF contributions from an old account transferred to his new EPF account through UAN automatically.
At present, the subscribers of EPF having Universal Account Number (UAN) are required to file EPF transfer claims on changing jobs. The EPFO gets about eight lakh EPF transfer claims every year.
Who has EPF Engaged to Develop the Automated System?
EPFO is said to have engaged C-DAC to study its current operating systems and improve on them to achieve the goal of becoming a paperless organization. The automated transfer of the EPF funds would play a significant role in reaching this goal.
The official said, “After the automation of the EPF transfer on changing jobs, the subscribers would be benefited immensely as the UAN would be like a bank account. No matter a subscriber changes place or employer, his or her social security benefits would be accessed through the UAN. That would remain the same throughout his or her life.”
Also Read: 5 Things to Do at the EPF Member Portal
