Employees’ Provident Fund Organization (EPFO) has taken a big decision to give relief to the employed people. Those doing private jobs will get the maximum benefit of this.
EPFO has approved a centralized IT system, due to which an employee will not need to transfer the amount of his old company’s EPF account to the new company’s EPF account in the event of job change. Rather, it will automatically be transferred to the account of that employee’s new company. The Center for Development of Advanced Computing (C-DAC) is preparing this state-of-the-art system. This decision was taken in the 229th meeting of the Central Board of Trustees, the final decision-making body for EPFO, which will benefit the people working in the private sector the most, because employees in this sector often move from one company to another to give growth to their career. Change jobs in the company.
According to the current rule, if they do this, then they have to do lengthy paperwork to transfer the money of their PF. In this affair, many times many employees do not even transfer the fund of their PF. With this decision of EPFO, not only the employees will get better and easier services from their side. Rather, digitization will also be encouraged in the working of EPFO.
Radhika Goyal is Author of Taxconcept Gurugram head office, for deeply reported tax, gst and income tax articles on issues that matter. He splits her time between New Delhi and Bengaluru, and has worked as a reporter, a podcaster and an editor for publications across India.