PF Commissioner urges employers to update KYC of staff
Provident Fund Commissioner Rizwan Uddin has urged employers to update KYC of their employees and suggested that employees should retain their PF accumulations on switching employment to avail the benefit of Pension and Insurance Schemes.
The PF Commissioner advised the members/employees to opt for transfer or advance in case of need and not go for full PF withdrawal, so that the employees/members can continue their EPFO membership and benefit from EPFO’s services like higher returns, pensionary benefits and insurance coverage.
A statement said it was observed that employees/ members frequently switch/change jobs and opt for full withdrawal of their PF funds, which is not the right practice, as their contributory service towards pension and accumulated P F towards Insurance gets neutralised.
By Dayanand N. Mangaonkar