April 3, 2024: Beginning April 1, the Employees’ Provident Fund Organization (EPFO) has implemented significant changes. Under the new rule, when an individual changes jobs, their previous Provident Fund (PF) balance will seamlessly transfer to the new employer. This eliminates the necessity for EPFO account holders to manually request PF transfers upon joining a new company. Previously, despite possessing a Universal Account Number (UAN), individuals had to undergo the inconvenience of requesting PF transfers, which is now rendered unnecessary.
With numerous cumbersome procedures consigned to the past, employees will no longer endure the inconvenience of manual requests and administrative tasks. The streamlined process will facilitate the smooth transition of employees between different departments.
Simultaneously, commencing on April 1, 2024, the National Pension System will mandate two-factor authentication for logging in. This authentication can be completed using the OTP received on mobile phones. This initiative is part of the measures implemented by the Pension Fund Regulatory and Development Authority (PFRDA), the apex body overseeing the NPS. The announcement of this upgrade was disseminated through a circular on March 15, 2024.
The introduction of the two-factor Aadhaar authentication system aims to furnish an additional layer of security to authenticate fingerprints and mitigate spoofing attempts, thereby bolstering the security of Aadhaar-authenticated transactions. According to the PFRDA circular, Aadhaar-based login authentication will be seamlessly integrated with the existing User ID and Password-based login procedure, thereby facilitating 2-Factor Authentication for accessing the NPS CRA system.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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