In a move that will help in speedy transfer of a subscriber's funds in case of job change, the retirement fund manager EPFO plans to replace PF subscriber account numbers with unique identification numbers (UID).
Currently, when a subscriber changes his job, the transfer of the provident fund from his old account to the new one, takes months as records are required to be transferred from one office to the other.
Given the delay, subscribers often withdraw the entire money in their account and go for a fresh account with the new employer.
The replacement of PF account numbers with the UID numbers would be completed after inter-connection of all regional and sub offices of the Employees' Provident Fund Organisation (EPFO), which is expected by March 2012.
According to labour secretary, PC Chaturvedi who spoke to PTI the process of digitising and inter-connection of all its offices was on. He added that it was planned to use unique identification number as the subscribers account number after that.
He added that besides expediting the transfer of funds from one office to another, it would help reduce the number of withdrawals. He added that all subscribers would be able to track their account online.