You now have one more reason, and rather a strong one for not withdrawing your PF money as and when you hop jobs.
The retirement fund manager Employees Provident Fund Organisation (EPFO) is planning to replace the PF account number with the Unique Identification (UID) number which will be issued soon to all Indians by the Unique Identification Authority of India (UIDAI). The EPFO has also set a target to digitalize the entire data in its regional and sub office by March this year in the first phase. In second phase all offices would be inter-connected. This will a blessing in disguise to the 4.7 crore PF account holders, as they would be able to track their PF money online and also get the transfers done instantly (which otherwise took several months) from one PF account to another.
We believe that the EPFO has taken the right step towards improving its functioning and being more investor friendly. Innovation and technical up-gradation can go a long way in improving the way Government departments work, and provide ease to the investors’. EPFO has surely set an example for others to follow!!