Starting April 1, EPFO will implement significant changes in employee provident fund regulations, impacting contributors and beneficiaries.
These changes are expected to benefit employees and employers alike, ensuring smoother operations within the provident fund system.
According to various sources and Mint reports, the new EPF rule will enable automatic transfer of employees’ funds when changing jobs. Their previous Provident Fund balance will be automatically transferred to the new employer account.
Under the new rule, employees/EPFO account holders won’t need to manually request fund transfers when changing jobs, streamlining the process.
Significantly, the EPFO (Employees’ Provident Fund Organisation) added 15.62 lakh net members in December 2023, as per provisional payroll data.
This figure represents the highest increase in the previous three months. Specifically, this increase marks a notable rise of 11.97% in net member additions compared to November 2023.
This data suggests potential trends in employment and workforce dynamics within the covered sectors during this period.
As per the Ministry of Labour, the EPFO observed a rise of 16.02 lakh subscribers in January 2024, based on the payroll data revealed on Sunday.
The ministry noted that around 8.08 lakh members were freshly enrolled during this period.
According to the provisional payroll data from the Employees’ Provident Fund Organization (EPFO), there was a net addition of 16.02 lakh members in January 2024.
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