logo
EPFO eases PF transfer on job change, drops employer approval need

EPFO eases PF transfer on job change, drops employer approval need

Retirement fund body EPFO has simplified the process of transferring PF accounts on job change by removing the requirement of approval from an employer in the majority of the cases, an official statement said on Friday.
Till now, the transfer of Provident Fund (PF) accumulations involved two Employees' Provident Fund (EPF) offices-- the Source Office, from which the PF amount was transferred, and the Destination Office, where the amount is finally credited, the Ministry of Labour & Employment said.
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 a transfer claim is approved at the transferor (Source) office, the previous account will automatically transferred to the member's present account 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 crore every year, henceforth as the entire transfer process shall be speeded up, the ministry said.
Also, a facility for the bulk generation of UANs based on Member ID and other available member information has been introduced to ensure prompt crediting of funds to members' accounts.
To that effect, a software functionality has been deployed and made available to Field Offices through the FO Interface, enabling bulk generation of UANs in such cases and accounting for past accumulations without the requirement of Aadhaar in the EPFO application.
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.
All these measures are expected to significantly improve services for members and reduce long-standing grievances, including further streamlining of validations for auto settlement of eligible claims.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Land talks begin for Purandar airport, amid 3,000 objections from farmers in 7 villages
Land talks begin for Purandar airport, amid 3,000 objections from farmers in 7 villages

Time of India

time24 minutes ago

  • Time of India

Land talks begin for Purandar airport, amid 3,000 objections from farmers in 7 villages

Pune: Land acquisition for the proposed Rs 3,500-crore Purandar International Airport showed early signs of becoming a complex process for the state govt after officials said they received more than 3,000 objections from farmers in seven villages that are set to lose land to the project. Tired of too many ads? go ad free now Hearings began this week to negotiate land rates and other compensation details with farmers, but many said they were not willing to part with their land. Others who are willing to sell have demanded Rs 10 crore per acre and the return of 15% of acquired land as developed plots, within the airport complex. It's the Maharashtra Industrial Development Corporation that's spearheading the acquisition of 2,832 hectares that will be needed for the greenfield airport project, which spans the villages of Vanpuri, Udachiwadi, Ekhatpur, Munjawadi, Kumbharvalan, Pargaon and Khanwadi — all in Purandar taluka. During a compensation hearing organised by state officials on Tuesday, anger was palpable among the protesting farmers. "We do not want construction here," said Jitendra Memane, a farmer from Pargaon. "We will continue our protests. They had first identified another location. They can build there," he said. Officials TOI spoke to said they would need at least 10 days to review the total of 3,022 objections that had come in from the seven villages. "All these objections and details of the hearings, along with our observations, will be submitted to the state govt," said a senior land acquisition official who is conducting the proceedings, which would have to be comprehensive. In Udachiwadi village alone, 142 objections have been filed, 116 of them were heard on Monday. Local farmer Santosh Hagwane said: "No acquisition should happen unless all farmers are completely satisfied with the details." Tired of too many ads? go ad free now Originally given to Maharashtra Airport Development Company (MADC), the Purandar project - seen by many as critical to Pune's growth - was transferred to MIDC following sustained farmer opposition. The MIDC now plans to raise Rs 3,500 crore from private investors to acquire 2,732 hectares, including an additional 70 hectares from the forest department. Deputy Collector (Land Acquisition) Kalyan Pandhare said the process would be completely transparent, with the state planning to acquire 90% of land with 10% returned to farmers as developed plots. "There will be no injustice to people," Pandhare said. Altogether, more than 2,000 families would need to be compensated for their property, but with many farmers demanding payments in full, high compensation rates and partial return of land, the challenges for officials remain significant. A second round of hearings has now been scheduled for June 17, to accommodate the farmers who missed the initial proceedings. Pune: Land acquisition for the proposed Rs 3,500-crore Purandar International Airport showed early signs of becoming a complex process for the state govt after officials said they received more than 3,000 objections from farmers in seven villages that are set to lose land to the project. Hearings began this week to negotiate land rates and other compensation details with farmers, but many said they were not willing to part with their land. Others who are willing to sell have demanded Rs 10 crore per acre and the return of 15% of acquired land as developed plots, within the airport complex. It's the Maharashtra Industrial Development Corporation that's spearheading the acquisition of 2,832 hectares that will be needed for the greenfield airport project, which spans the villages of Vanpuri, Udachiwadi, Ekhatpur, Munjawadi, Kumbharvalan, Pargaon and Khanwadi — all in Purandar taluka. During a compensation hearing organised by state officials on Tuesday, anger was palpable among the protesting farmers. "We do not want construction here," said Jitendra Memane, a farmer from Pargaon. "We will continue our protests. They had first identified another location. They can build there," he said. Officials TOI spoke to said they would need at least 10 days to review the total of 3,022 objections that had come in from the seven villages. "All these objections and details of the hearings, along with our observations, will be submitted to the state govt," said a senior land acquisition official who is conducting the proceedings, which would have to be comprehensive. In Udachiwadi village alone, 142 objections have been filed, 116 of them were heard on Monday. Local farmer Santosh Hagwane said: "No acquisition should happen unless all farmers are completely satisfied with the details." Originally given to Maharashtra Airport Development Company (MADC), the Purandar project - seen by many as critical to Pune's growth - was transferred to MIDC following sustained farmer opposition. The MIDC now plans to raise Rs 3,500 crore from private investors to acquire 2,732 hectares, including an additional 70 hectares from the forest department. Deputy Collector (Land Acquisition) Kalyan Pandhare said the process would be completely transparent, with the state planning to acquire 90% of land with 10% returned to farmers as developed plots. "There will be no injustice to people," Pandhare said. Altogether, more than 2,000 families would need to be compensated for their property, but with many farmers demanding payments in full, high compensation rates and partial return of land, the challenges for officials remain significant. A second round of hearings has now been scheduled for June 17, to accommodate the farmers who missed the initial proceedings.

Stock Radar: MGL trades above upwards sloping trendline, reclaims 100-EMA; check target & stop loss
Stock Radar: MGL trades above upwards sloping trendline, reclaims 100-EMA; check target & stop loss

Economic Times

timean hour ago

  • Economic Times

Stock Radar: MGL trades above upwards sloping trendline, reclaims 100-EMA; check target & stop loss

Mahanagar Gas Ltd (MGL), part of the gas industry, took support above 100-days Exponential Moving Average (EMA) on the daily charts and traded above the upwards sloping trendline which is a positive sign for the traders can look to buy the stock for a target of Rs 1,490 in the next few weeks, suggest experts. The stock closed at Rs 1,416 on June 9, stock hit a high of Rs 1,988 on September 25, 2024, but it failed to

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store