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May 7, 2012

EPF accounts number portability soon

IN · · 1 comment
The Employees’ Provident Fund Organisation (EPFO) will reportedly have the number portability of EPF accounts for its subscribers. This will help the employees to hold their old account to continue in case they change jobs/employers.

Of late, 44 million employees' provident fund are active out of total 95.31 million accounts. The major reason said to be with the changing jobs employees have been creating new provident account, closing the previous account.

After the online tracking of provident fund account, the number portability will be in favor of employees as they no need to create new accounts every time they change jobs.
This will also reduce their hassles to withdraw fund from the old account while creating a new account.

According to media reports, the EFFO has also been working to link the provident fund accounts with permanent account number (PAN) or National Population Registry or the unique identity (UID) number.

1 comment:

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