The Employees Provident Fund Organization (EPFO) has made changes in Form 13 on friday and with this, the condition of employer's approval has been removed in transferring EPF account. In the private sector, when people switch from one job to another, then they need to transfer EPF account. Now more than 1.25 customers will benefit from this step taken by EPFO. Now the process of transferring EPFO account on changing jobs has become easier for them.
Now there will be no need for approval of destination office
Till now, transfer of PF account was done with the participation of both source office and destination office. But now according to the new rule, approval of destination office will not be required in EPFO account transfer, rather the work will be done only with the approval of source office. EPFO has said in a statement, "With the aim of making the process of account transfer easier, EPFO has launched the revamped Form 13 software."
Rs 90,000 crore will be transferred every year
EPFO has said that with this new decision, once the claim is approved from the source office, the account will automatically be transferred to the current account of the EPFO member in the destination office. EPFO has said that this will benefit more than 1.25 crore members, which will enable transfer of about Rs 90,000 crore every year. The account transfer process will be expedited.
Companies will be able to generate UAN in bulk
Along with this, EPFO has relaxed the Aadhaar requirements for generating UAN. Employers will be able to generate Aadhaar in bulk based on the ID and information available on the record so that funds can be deposited in the members' account as soon as possible. EPFO is constantly trying to improve the facilities while taking care of its subscribers as well as employees.
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