EPFO simplifies PF transfer process. Check how it impacts employees
The Employees' Provident Fund Organisation (EPFO) has made it easier for members to transfer their PF accounts when they switch jobs. Until now, transferring your PF money needed approval from two EPFO offices, the one you were leaving (Source Office) and the one you were joining (Destination Office). Plus, your employer's approval was also needed in most cases. But that's no longer required!advertisementIn a big move to ease the process, EPFO has now removed the requirement of employer approval for most PF transfers. Thanks to the launch of a revamped Form 13 software, things will work much faster and more smoothly now.WHAT'S NEW?From now on, once your old EPFO office, known as the Source Office, approves your request to transfer your PF money, the amount will be automatically credited to your new PF account at your new EPFO office, known as the Destination Office. You will no longer have to wait for approval from the new office, which earlier added unnecessary delays and paperwork. This move is expected to make the transfer process much smoother and quicker for everyone.
This new revision is expected to benefit over 1.25 crore members. It will speed up the transfer of Rs 90,000 crore of PF funds annually, ensuring that employees can access and manage their retirement savings without any trouble after changing jobs.advertisementThe new system will also show a clear break-up between taxable and non-taxable parts of your PF savings. This will help you understand exactly how much of your PF interest is tax-free and how much is taxable.It will also make it much easier for both employees and EPFO to calculate the correct amount of tax deducted at source (TDS) on the interest earned, thereby reducing the chances of any errors.INTRODUCTION OF NEW FEATUREEPFO has also introduced a new feature that allows the bulk generation of Universal Account Numbers (UANs) based on available member details. This will allow Provident Fund (PF) amounts to be credited quickly and smoothly to members' accounts, even if their Aadhaar details have not yet been linked at the time.However, to protect your money, any UANs generated this way will stay frozen until Aadhaar is linked to the account. Once Aadhaar is added, the UANs will become fully active.WHAT IS THE SIGNIFICANCE OF THESE CHANGES?These steps are part of EPFO's ongoing efforts to make life simpler and more convenient for its members.By cutting down on unnecessary approvals and making the transfer process faster, EPFO aims to save members from the usual delays and confusion that often come with changing jobs.Must Watch
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