PF account will be updated every month from October 2013
Employee’s Provident Fund Organisation is doing dramatically changes in the system to be an employee friendly rather than employer friendly. In this move, EPFO announced that provident account will be updated every month from October.
EPFO has done all the homework and set to update account on monthly basis from 6 September as per official statement.
This move will benefit around 40 lakhs pension holder who can get the pension amount in their account on the first day of every month.
The orgainsation is working on giving every employee a unique number in this fiscal year only. This number will work as a bank account with which in case of changing the job, one can give the employee identification number to new employer and PF account will run without disturbance.
source: taxalertindia.com
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