Top News

• Big update about EPFO!
• Now PF will be transferred automatically after job change
• The cut of the employees will end

EPFO Automatic Transfer Rules: People change jobs in search of a better future, but they have to go through a long process of paperwork to transfer the money from their old PF account to the new account. now EPFO (EPFO) is all set to provide permanent relief to its nearly 8 crore members. The institute has introduced a new ‘Automatic Transfer System’, which is expected to be fully operational soon.

No need to visit the old office

Once this new rule of EPFO ​​comes into effect, employees will not need to make any kind of online claim or application to transfer their PF balance. Under the current system, when an employee moved from one organization to another, he had to depend on the old employer for PF transfer. Many times the old employer would delay the approval, leaving the employees money stranded. As per the new rules, the employer’s intervention has now been completely eliminated. As soon as you join the new company, the system will automatically transfer your old PF balance to the new account. This entire process will be automated.

Relief from the hassle of filling Form-13

Until a few years ago, the process of PF transfer was very complicated. The employee had to fill ‘Form 13’ and wait for weeks to get it verified. Claims were often rejected due to technical errors or inconsistencies in documents, leading to wastage of time and mental stress.

With the new system there is no need to upload any documents anymore. Where earlier transfers used to take months, now the work can be completed in just 3 to 5 days. EPFO aims to make the process so simple that the employee’s focus is on work and not on PF issues.

No loss of interest, full money on retirement The biggest advantage of this automatic system will be in terms of financial security. Delay in PF transfer could lead to loss of interest for that period or confusion in calculation. Automatic transfer will keep the interest earned on your money uninterrupted. The direct benefit of this will be seen at retirement, when your entire fund will be safe and grown in one place.