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Employees Need Not Transfer PF Funds When Changing Jobs: EPFO

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The Employees Provident Fund Organisation (EPFO) has issued a press release relating to the decisions taken by the Central Board of Trustees (CBT). One of the important decision is that – the centralised system will facilitate the de‐duplication & merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job.

The following key decisions were taken by Central Board, EPF: –

Approval was accorded for the development of centralized 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 centralized system will facilitate de‐duplication & merger of all PF accounts of any member. It will remove the requirement of transfer of account on change of job.

The suggestion of the Chairman to constitute four sub-committees, comprising members of the Board from employees, employers’ side as well as from representatives of the Government side was welcomed and approved by the Board. Two committees on Establishment-related matters and futuristic implementation of the Social Security Code will be headed by the Minister of State Labour and Employment. The remaining two committees on Digital capacity building and Pension related issues will be headed by Union Labour and Employment Secretary

The draft 68th annual report on the functioning of the EPFO for the year 2020-21 was approved, with the recommendation to place it before the Parliament, through the Central Government.

The Board decided to empower the Finance Investment & 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 the Government of India.

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