Employee Provident Fund New Epfo Rules: The new rule will eliminate the need for EPFO account holders to manually transfer PF when joining a new company. Earlier, despite having Universal Account Number (UAN), individuals had to face hassle for PF transfer, but now the earlier money will be transferred automatically.
Employee Provident Fund New Epfo Rules: 1st April means the beginning of a new financial year in India. Many new rules have been implemented since yesterday. At the same time, Employees Provident Fund Organization (EPFO) has also brought important changes from April 1.
According to various media reports, with the new rule, when a person changes jobs, his old provident fund (PF) balance will be automatically transferred to the new employer (new PF account).
The new rule will eliminate the need for EPFO account holders to manually transfer PF upon joining a new company. Earlier, despite having Universal Account Number (UAN), individuals had to face hassle for PF transfer, but now the earlier money will be transferred automatically.
As per EPF rules, employees have to contribute 12% of their monthly basic salary, employers also have to contribute equal to this contribution.
EPFO added 16.02 lakh members in January 2024
According to the Labor Ministry, according to the payroll data released on Sunday, EPFO saw an increase of 16.02 lakh subscribers in January 2024. About 8.08 lakh members were newly enrolled during this period.
The ministry said that the provisional payroll data of the Employees’ Provident Fund Organization (EPFO) indicates a net increase of 16.02 lakh members in January 2024.
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