EPFO Rule: The rules related to PF account transfer have been changed by EPFO. Let us know in detail…
The new financial year has started. With this, many important new rules come into force. There is one such rule which is linked to the PF account and on April 1, a new rule has been implemented by the Employees’ Provident Fund (EPFO). The implementation of this rule will directly benefit the employees.
According to media reports, under the new rule the PF account has been auto transferred. This means that now there will be no need to transfer the PF account to a new account on changing jobs. For example, if you change jobs, your PF account will be automatically transferred from April 1 onwards.
Earlier PF account had to be merged.
Earlier, whenever you changed jobs, new PF accounts were added to the UAN. After changing jobs, you had to go to the EPFO website online and merge your EPF account. No, now you will not need to merge or transfer your PF account. This will be automatically transferred as soon as the job is changed. Let us tell you, the employee has to contribute 12 percent of the basic salary in the EPF account and the same contribution is also made by the employer. Through this account, pension is given to an employee later on.
16.02 lakh members joined EPFO
According to EPFO payroll data, 16.02 lakh members had joined EPFO in January 2024. This information was given by the Labor Ministry. During this period, about 8.08 lakh new members had registered themselves in EPFO. The ministry said the provisional payroll data of the Employees’ Provident Fund Organization (EPFO) indicates a net increase of 16.02 lakh members in January 2024.
