EPFO New Rules: Big update for PF account holders, EPFO has made this change..

Recently, great news has been coming for EPFO account holders. Now there is no need for EPFO account holders to manually request for PF transfer on changing jobs. Now EPFO has started the facility of automatic fund transfer. You will start getting this facility from 1st April. Earlier, despite having a Universal Account Number (UAN), people had to request for PF transfer. This was somewhat tiring work.

From now on, employed people can search for a new job without worrying about any hassle. On changing new job, the money in the EPF account will automatically be transferred to the new account. Let us tell you that employees have to keep 12 percent of their salary in EPF. Besides, the employer also has to deposit an equal amount in the EPF account on behalf of the employee.

Benefits of UAN
Let us tell you that Universal Account Number (UAN) is issued by different employers to their employees. It works as a centralized platform for different EPFO accounts.

This links different accounts together. The UN provides many types of services. Such as UAN cards, transfer-in details, the ability to link the PF ID of previous members with current PF ID, and EPFO related information are received through SMS.

Know what is EPFO?
For information, let us tell you that this is a body working under the Ministry of Labor and Employment of the Government of India. Its function is to regulate and manage the pension fund of employees. It also manages social security agreements with other countries.

At present, EPFO is getting 8.10 percent interest. In this, both the employer and the employee deposit money and get interest on that money. This total amount together forms the provident fund for the employee.

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