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    Home»News»Change jobs but not your PF account
    News

    Change jobs but not your PF account

    mmBy Prajjal Saha | HRKathaAugust 14, 20171 Min Read1998 Views
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    Employees will no longer require to change or close their PF accounts when switching companies or jobs.

    Here comes good news for the four crore EPFO (Employees Provident Fund Organisation) subscribers! From September onwards, employees will not require to change their PF accounts even if they switch jobs.

    Till now, a new employer meant a new PF account for the employee. Also, there was possibility of losing the money if the concerned employee failed to take necessary steps to reorganise the PF account or go for a withdrawal, which again was a cumbersome exercise.

    Lately, the EPFO has taken several measures to make the scheme more employee friendly. Employees will now be able to retain the same PF account till their retirement. They can also transfer money in just three days of changing a job.

    In addition, an employee can withdraw money for important purposes, such as housing, education of children, or serious hospitalisation. Henceforth, employees will not require to submit various certificates and pro formas either, to receive advance for medical treatment.

    On completion of 20 years of an account, employees will get a loyalty bonus of upto Rs 50,000.

    Employee Provident Fund Organisation EPFO Jobs PF Account
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    Prajjal Saha | HRKatha

    Dr. Prajjal Saha, editor and publisher of HRKatha since 2015, leverages over 25 years of experience in business journalism, writing, and editing. He founded HRKatha to provide insightful analysis on the evolving workplace. With expertise spanning HR, marketing, distribution, and technology, Saha has a deep understanding of business dynamics. His authorship of the acclaimed Marketing White Book highlights his versatility beyond HR. A trusted voice across industries, his clear and thoughtful commentary has earned him a reputation for thought leadership, making him a reliable source of knowledge and insights for professionals navigating the complexities of the business world.

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