EPFO made PF Account transfer on job change and easy, know the whole thing – Cross Talk India
Next time you change the job, it will be even easier for you to transfer your PF account than before. The Employees Provident Fund Organization ie EPFO has made the process of transferring PF accounts easier when changing jobs. For this, there is no need to get approval from the employer in most cases. This information was given on Friday in an official statement.
Removed the need for approval of all transfer claims
According to the news, the Ministry of Labor and Employment said that till now the transfer of PF deposit included two employees Provident Fund (EPF) office- the source office from where the PF amount was transferred and the destination office, where the amount was finally deposited. Now EPFO has removed the need for approval of all transfer claims in the destination office by launching a revised Form 13 software functionality.
More than 1.25 crore EPFO members benefit
The ministry said that from now on, once the transfer claim to the transfer (source) office is approved, the previous account will automatically be transferred to the current account of the member to the transfer (destination) office. This will meet the goal of making life easier for EPFO members.
This revised functionality also provides a division of taxable and non-taxable components of PF accumulation, so that TDS can be precisely calculated on taxable PF interest. More than 1.25 crore EPFO members are expected to benefit from this facility, which will be able to transfer about Rs 90,000 crore every year, as the entire transfer process will be accelerated from now.
A software functionality deployed
To ensure immediate deposit of funds in the accounts of members, the facility of bulk generation of UAN has been introduced on the basis of member ID and second available member information. For this, a software functionality has been deployed and has been made available to the field offices through FO interface, which will make the UAN bulk generation possible in such cases and the EPFO application can be kept in account of previous accumulation without the need for Aadhaar.
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