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The Employees' Provident Fund Organisation (EPFO) has simplified Transfer Claim process through revamped Form 13 functionality. During January this year, the EPFO greatly simplified the process for transfer of PF account on change of jobs by removing the requirement of approval from employer in majority of the cases.
Till now, the transfer of PF accumulations used to happen with the involvement of two EPF Offices. One, from which the PF accumulation is transferred (Source Office) and two, the EPF Office in which the transfer is actually credited (Destination Office).
What Changes Have Been Made?
Now, with an aim to further simplify the process, EPFO has removed the requirement of approval of all transfer claims at the Destination Office by launching a Revamped Form 13 software functionality.
Henceforth, once the transfer claim gets approved at the Transferor (Source) Office the previous account will automatically get transferred to the present account of the member at the Transferee (Destination) Office instantly furthering the aim of “Ease of Living” for Members of EPFO.
This revamped functionality also provides the bifurcation of taxable and non-taxable components of PF accumulations to facilitate accurate calculation of TDS on Taxable PF interest.
It is expected to benefit more than 1.25 Crore Members facilitating the transfer of around Rs. 90,000 Crores every year henceforth as the entire transfer process shall be speeded up.
Bulk generation of UAN by Employers without seeding Aadhaar
With a view to further Ease of Doing Business and to address the grievances being raised w.r.t proper accounting of the Past Accumulations that had been remitted to EPFO by the Exempted PF Trusts consequent to the surrender/cancellation of exemption and also in other cases involving remittance of past period contributions consequent to quasi-judicial/recovery proceedings, it has been decided by EPFO to relax the requirement of Aadhaar for generation of UAN/credit of Past Accumulations for such members. Also, a facility for bulk generation of UANs based on the Member Id & other member information available on record so as to enable prompt crediting of funds in the accounts of such members has been provided.
