EPFO will soon allow employees to automatically transfer their provident fund corpus from their ex-employer to the new one without having to file transfer claims while changing jobs manually, reports Press Trust of India.
“The EPFO is testing the automation of EPF transfer on changing jobs on a pilot basis and the facility for all subscribers is expected to be launched any time next year,” said a government official.
This “anywhere service" plan of Employees’ Provident Fund Organisation (EPFO) will provide hassle-free service delivery to its 60 million active subscribers. Once it is rolled out, formal sector employees can change jobs across the country without having to worry about unifying their PF corpus,
Presently, even those EPFO subscribers having a universal account number (UAN) are required to fill up a transfer form to transfer their PF balance.
Automation of the tranfer process will substantially decrease the workload of EPFO as the organisation receives around 800,000 EPF transfer claims every year.
“The EPFO had engaged the C-DAC (Centre for Development of Advanced Computing) to study its operating systems to achieve the goal of becoming a paperless organisation. At present, 80 per cent of the work is being done online. The automated transfer of EPF on changing jobs is one of the tools to be used to achieve that objective,” added the official.