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Automatic Tansfer Of PF A/c In 3 Days With Verified Aadhaar
To keep the objective of PF intact, the body is mulling automatic transfer of PF account in case of job transfer if the subscriber has aadhaar id
Having verified Aadhaar will also land in you in another advantage as the provident fund authorities are considering automatic transfer of PF account in case of job switching to any part of the country provided you have a verified aadhaar ID. The transfer process shall be made automatic from next month as per the leading daily report.
In a report chief provident fund commissioner VP Joy is quoted saying, "We are trying to ensure transfer of money if one changes jobs, without any application, in three days". The automatic transfer process is being looked upon as the mere objective of a PF account which is aimed to serve retirement needs of an individual gets marred as majority of individuals think it easier to withdraw the amount and close the account prematurely instead of continuing with it and transferring the account to the new employer.
Nonetheless, the retirement fund body is continuously taking steps to curb the practice and such introduced the UAN in October 2014 which serves as a umbrella for multiple IDs allotted by the different establishments to the EPF subscriber.
Additionally, the body is also sensitizing individuals through campaign about the advantage of the fund and its use and withdrawal only in case of grave needs.
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