Delhi, April 25: In view of addressing employees' concern, transferring funds from someone’s EPF account has been now made easier.
The EPFO has simplified the process to add the contributions with the change of jobs by launching a revamped Form 13 software.
The newly devised software will speed up the transfer of funds to the new account, according to an official statement issued on Friday.
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 the EPFO.
Now, the EPFO has removed the requirement of approval of all transfer claims at the destination office by launching a revamped Form 13 software functionality, the statement said.
The move is expected to benefit more than 1.25 crore members, facilitating the transfer of around Rs 90,000 crore that takes place every year, as the entire transfer process will be speeded up.
This revamped Form 13 functionality also provides the bifurcation of taxable and non-taxable components of PF accumulations to facilitate the accurate calculation of TDS on taxable PF interest.
The EPFO has also launched a facility for bulk generation of UAN by employers without Aadhaar seeding to facilitate the ease of doing business.
With a view to further Ease of Doing Business and to address the grievances being raised with respect to proper accounting of the past accumulations that had been remitted to the 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 the EPFO to relax the requirement of Aadhaar for generation of UAN/credit of past accumulations for such members, the official statement said.
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.
However, as a measure of risk mitigation to protect the PF accumulations, all such UANs would be kept in a frozen state and subsequently made operational only after the seeding of Aadhaar, the statement said.
