On Saturday, a big announcement has been made in the EPFO meeting of the Employees' Provident Fund Organization. It was decided in the meeting that centralized IT system of provident fund account would be approved. Now if an employee changes jobs or joins from one company to another, then there will be no hassle of transferring PF account.
The hassle of transferring PF account is over
The employee's account will be merged with the help of a centralized system. Till now it is a rule that when an employee leaves one company and goes to another company, he either withdraws PF money or transfers the account to another company. Till now this work of transferring the account has to be done by employees themselves. The centralized system will create a single account by merging the various accounts of the PF account holders.
Big decision in EPFO meeting
Apart from this, the Central Employees Provident Fund Organization decided in the meeting that 5 percent of the annual deposit of EPFO will be invested in alternative investments including Infrastructure Investment Trust InvIT. Discussions are also being held on increasing the minimum pension amount and PF interest rate. During this, it has been decided to increase investment in alternative funds. The Central Board of EPAF has given its approval.