EPFO changed the rules, now you will not have to merge accounts
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EPFO: If you work in a private company then there is a very important news for you. Employees Provident Fund Organization has changed a rule related to PF account. Employees will get relief from the new rules. According to media reports, now PF account will be auto transferred. That is, after changing jobs, there will be no need to transfer the PF account to a new account. For example, you left your job in your current company. After this, joined your new company. Normally, by doing this you would have to merge both your accounts. However, now it will be auto transferred. This will reduce your problems. Whereas, earlier it had to be merged.
Failure to merge accounts will result in loss of interest
Some interest is given to the account holder on the amount deposited in the PF account. If your account is not merged then you will get interest only on the amount deposited in the current account. This means that you will have to suffer the loss of interest money. The employee has to contribute 12 percent of the basic salary in the EPF account. The employer also contributes to this. Through this account, pension is given to an employee later on.
Also Read: Reserve Bank kept the repo rate at 6.5% for the seventh time, know what will be the impact on your loan EMI.
EPFO added 16.02 lakh members in January
The body that manages the retirement fund said that EPFO has added a net of 16.02 lakh members in January 2024. The Labor Ministry said that for the first time in January 2024, about 8.08 lakh members were enrolled. According to the provisional payroll data of the Employees’ Provident Fund Organization (EPFO), EPFO has added 16.02 lakh members on a net basis in January 2024. According to statistics, most of these members are in the age group of 18-25. Their number is 56.41 percent of the total new members added in January 2024. This shows that most of the people joining the organized workforce are youth. These are mainly first time job seekers. Payroll data shows that around 12.17 lakh members who had exited EPFO schemes re-joined. These members changed their jobs and rejoined the establishments under the purview of EPFO. They chose to transfer their funds.
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