EPFO Introduces Automated PF Transfer System; PFRDA Enhances NPS Security

The Employees Provident Fund Organisation (EPFO) has initiated an automated system for provident fund transfers, eliminating the need for manual requests when changing jobs. This streamlined process aims to enhance efficiency and user convenience in managing pension funds.

In parallel, the Pension Fund Regulatory and Development Authority (PFRDA) is enhancing security measures for the National Pension System (NPS). Effective April 1, a two-factor authentication process, utilizing Aadhaar-based verification and a password, will be implemented to fortify the Central Recordkeeping Agency (CRA) system.

This security enhancement, announced via a circular issued by the PFRDA on March 15, 2024, underscores the commitment to safeguarding NPS subscribers’ interests and preserving the integrity of pension contributions. By mitigating the risk of unauthorized access, this measure aims to instill greater confidence and peace of mind among NPS subscribers.