EPFO: It is often seen that people change jobs in search of a better future, but to transfer the money from the old PF account to the new account, they have to go through lengthy paperwork. Now EPFO is going to relieve its about 8 crore members from this problem forever. The organization has come up with a new ‘Automatic Transfer System’, which is expected to be fully activated soon.
Now you will not have to go to the old office
After the implementation of this new rule of EPFO, employees will not need to make any kind of online claim or application to transfer their PF balance. In the current system, when an employee left one organization for another, he had to depend on the old employer for PF transfer. Many times the old employer used to delay in giving approval, due to which the employee’s money got stuck.
According to the new rules, now the interference of the employer has been eliminated. As soon as you join the new company, the system will automatically shift your old PF balance to the new account. This entire process will be automated, that is, you do not need to worry whether your old company has passed the claim or not.
Got freedom from the headache of filling Form-13
Till some time ago, the process of PF transfer was quite tedious. Employees had to fill ‘Form 13’ and had to wait for weeks to get it verified. Many times claims were rejected due to technical glitches or mismatch of documents. This not only wasted time but also caused mental stress.
Under the new system, there will be no need to upload any document now. Where earlier the transfer used to take months, now this work will be completed within just 3 to 5 days. The aim of EPFO is to make the process so simple that the employee can focus only on his work and not on the complications of PF.
No loss of interest, full money on retirement
The biggest benefit of this automatic system will be in terms of financial security. When there is a delay in PF transfer, sometimes there is a possibility of error in the interest calculation for that period or loss of interest has to be incurred. Due to automatic transfer, the interest on your money will remain constant. Its direct benefit will be seen at the time of retirement, when your entire fund will be safe and increased in one place.
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