Under the automatic transfer system, the provident fund (PF) balance can be credited to the new employer's account without any action required from the employee.
As per the payroll data released by the ministry of labour and employment on Tuesday, the year-on-year net new subscribers addition to EPFO was higher by 4.62% when compared to 1.49 million net new subscribers added in December 2022. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFOs outreach programs, the labour ministry said
As per the provisional payroll data, released by the ministry of labour and employment on Thursday, new employees added to ESIC in December 2023 stood at 1.88 million as against 1.59 million in November while the new 23,347 new establishments were added to it in the month under consideration.
The government is considering extending the Aatmanirbhar Bharat Rozgar Yojana (ABRY) in the upcoming interim budget, according to anonymous sources. The scheme, which subsidizes provident fund contributions to encourage job creation, is set to conclude in March 2024. Over half of the allocated funds remain unspent.