The Employees’ Provident Fund Organisation (EPFO) plans to replace the provident fund (PF) account number with a unique identification (UID) number, a move that would enable speedy transfer of subscribers’ funds in case of a job change and allow them to track their accounts online. At present, if a subscriber changes his job, it takes months to transfer PF money from one account to another, as a transfer of records from one office to the other is required. Under these circumstances, alarge number of subscribers often withdraw the entire money in their account and go for a fresh account with the new employer. The replacement of PF account number with the UID number will be done after interconnecting all regional and suboffices of EPFO by March 2012.
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