EPFO retirement body fund made some more changes related to PF account transfer. According to recent changes it becomes easy to transfer old PF account to new PF account. As a result you do not wait for long time. Moreover it is best if you have PF account as this money helps you in future. On other hand you may use this money for various benefits.
Benefits of EPF account balance
Like we told you before there are many advantages of EPF account balance. All EPF subscribers get to use EPF balance for home loans. Or you may even use EPF balance for medical expenses. Thus it is better if you transfer provident fund account when you change jobs.
Earlier EPF members had to transfer PF account personally. But Employees Provident Fund Organisation made some changes here. And due to these changes now you do not wait for EPF account transfer for a long time.
Change of PF account as soon as you change job
Even V P Joy Chief Provident Fund Commissioner said that from next month automatic PF account transfer starts. This is another beginning to changes in EPFO policies. Automatic transfer of PF account on job change will be best option for authorities and EPF members.
It is so because when any one changes jobs then many accounts close. As a result employees must restart their account. This situation was difficult to handle as well. And that is the reason that EPFO or Employees Provident Fund Organisation came with up automatic system. There are also other changes happening in EPFO portal.
Aadhaar made compulsory for EPF enrolment
Linking of Aadhaar number and EPF account is compulsory for all people. So if you did not link your Aadhaar card number to PF number then you must do it before the deadline. Employees Provident Fund Organisation also announced last date to link Aadhaar card. Last date to link Aadhaar card with EPF account is 30th September 2017 (only for north – eastern states).
In case you did not link Aadhaar card with EPF account then you do not worry. As you follow simple steps to link Aadhaar card with your EPF UAN account number. When you link these numbers then automatic transfer of PF account number takes place. However it is only when you change jobs.
After you link EPF and Aadhaar numbers then your account has social security. For this you must have verified Aadhaar ID card. Besides you have one more verified ID card. Authorities verify these cards and then transfer PF account when you change jobs.
This system becomes active in next month only. While till then you can transfer PF account to another with usual procedure. Hence you learn steps for EPF transfer online and withdrawal process using UAN number.