Update September 2017: Employer Guideline for automatic transfer of Provident Fund Account
Transferring Employees provident fund account when an employee resigns and join another company to be made automatic from September 2017.
Chief provident fund commissioner Mr. VP Joy has been quoted in various news reports saying that “We are trying to ensure transfer of amount in PF Account if one changes jobs, without any application, in three days”
Though, he has also said that the PF member needs to have verified Aadhaar ID as their KYC. In such cases, the PF account will be automatically transferred to any part of the country.
The move is targeted to restrict premature closure of PF accounts, which usually happens when a member switches jobs.
Only for major purposes like housing, education of children, or serious hospitalization PF advances/ withdrawal shall be made by the PF members.
Update 2017: New Guide to Transfer PF Online 2017