EPFO’s newest resolution will take away want for switch of account on job change

Retirement fund physique Employees’ Provident Fund Organisation (EPFO) has accredited the event of centralised IT-enabled methods by the Centre for Development of Advanced Computing (C-DAC). This transfer will enable an worker’s PF account quantity to stay the identical even after they alter their jobs. So, after the EPFO resolution, PF account holders want fear concerning the account switch.

The area functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply. The system will facilitate the de-duplication and merger of all PF accounts of any member.

EPFO’s newest resolution

As per the retirement fund physique press launch, “approval was accorded for improvement of centralised IT-enabled methods by C-DAC. Post this, the sphere functionalities will transfer on a central database in a phased method enabling smoother operations and enhanced service supply. The centralised system will facilitate the de‐duplication and merger of all PF accounts of any member. It will take away the requirement of switch of account on change of job.”

EPFO has determined to empower its advisory physique Finance Investment and Audit Committee (FIAC) to make choices on investing in new asset lessons for provident and pension funds in India. As per the official assertion, “the Board determined to empower the Finance Investment and Audit Committee (FIAC) to resolve upon the funding choices, on a case-to-case foundation, for funding in all such asset lessons that are included within the sample of funding as notified by Government of India.

Additionally, EPFO has determined to represent 4 sub-committees, comprising members of the board from workers’ and employers’ sides in addition to representatives of the federal government.

The committees on institution associated issues and futuristic implementation of the social safety code can be headed by the minister of state for labour and employment. The Union labour and employment secretary will head the remaining two on digital capability constructing and pension associated points.

The 229th assembly of the Central Board of Trustees (CBT), the apex decision-making physique of EPFO, was headed by Minister for Labour and Employment Bhupender Yadav. 

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