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News >> Enterprise >>
Transferring PF going to be as easy as switching jobs
By siliconindia
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Bangalore: The country's largest retirement fund manager, the Employees' Provident Fund Organization, is set to start electronic transfers of PF accounts, which will drastically cut the time and paperwork currently required.
Currently, employees in a new job fill an application form for a new PF account, along with a copy of -Form 13- to transfer their PF money from their previous account to the new one. The employer submits this form to the regional PF office, which contacts the previous PF office and transfers the funds. But now the time has made us to say good bye to all these and the new software - expected to be rolled out by December-end or early January - will allow regional PF offices to communicate electronically to transfer details of employees' accounts and funds.
"We are working on a new software wherein a person on starting a new job can transfer her or his funds from the PF account in just about 15 days. It would work on the same lines as the online settlement of claims through the National Electronic Fund Transfer system,"said Samirendra Chatterjee, Central PF Commissioner.