PF account holders: EPFO's latest decision will remove need for transfer of account on job change
Retirement fund body Employees' Provident Fund Organisation (EPFO) has approved the development of centralised IT-enabled systems by the Centre for Development of Advanced Computing (C-DAC). This move will allow an employee’s PF account number to remain the same even after they change their jobs. So, after the EPFO decision, PF account holders need worry about the account transfer.
The field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The system will facilitate the de-duplication and merger of all PF accounts of any member.
EPFO's latest decision
As per the retirement fund body press release, “approval was accorded for development of centralised IT-enabled systems by C-DAC. Post this, the field functionalities will move on a central database in a phased manner enabling smoother operations and enhanced service delivery. The centralised system will facilitate the de‐duplication and merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job."
EPFO has decided to empower its advisory body Finance Investment and Audit Committee (FIAC) to make decisions on investing in new asset classes for provident and pension funds in India. As per the official statement, "the Board decided to empower the Finance Investment and Audit Committee (FIAC) to decide upon the investment options, on a case-to-case basis, for investment in all such asset classes which are included in the pattern of investment as notified by Government of India.
Additionally, EPFO has decided to constitute four sub-committees, comprising members of the board from employees' and employers’ sides as well as representatives of the government.
The committees on establishment related matters and futuristic implementation of the social security code will be headed by the minister of state for labour and employment. The Union labour and employment secretary will head the remaining two on digital capacity building and pension related issues.
The 229th meeting of the Central Board of Trustees (CBT), the apex decision-making body of EPFO, was headed by Minister for Labour and Employment Bhupender Yadav.