EPFO: The hassle of transferring PF when changing jobs is now over; this major change is being implemented..

EPFO: It is often observed that people change jobs in search of a better future, but transferring the money from their old PF account to the new one involves a lengthy paperwork process. Now, EPFO ​​is going to relieve its nearly 80 million members from this hassle forever. The organization has introduced a new 'Automatic Transfer System', which is expected to become fully operational soon.

No more running around to the old office.
After the implementation of this new EPFO ​​rule, employees will no longer need to file any online claim or application to transfer their PF balance. In the current system, when an employee leaves one organization and joins another, they have to depend on their old employer for PF transfer. Sometimes the old employer would delay the approval, causing the employee's money to get stuck.

According to the new rules, the employer's intervention has now been eliminated. As soon as you join a new company, the system will automatically transfer your old PF balance to the new account. This entire process will be automated, meaning you don't have to worry about whether your old company has approved the claim or not.

Freedom from the headache of filling Form-13
Until recently, the PF transfer process was quite tedious. Employees had to fill out 'Form 13' and wait for weeks for its verification. Sometimes, claims were even rejected due to technical glitches or mismatched documents. This not only wasted time but also caused mental stress.

Under the new system, there will be no need to upload any documents. Where transfers previously took months, this process will now be completed within just 3 to 5 days. EPFO ​​aims to simplify the process so that employees can focus on their work, not on the complexities of PF.

No loss of interest, full money at retirement
The biggest advantage of this automatic system will be in terms of financial security. When there are delays in PF (Provident Fund) transfers, there is often a risk of errors in interest calculation for that period, or you may even lose out on interest. Automatic transfers ensure that you continue to earn interest on your money without interruption. This will be particularly beneficial at the time of retirement, when your entire fund will be securely consolidated and grown in one place.

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