Changing jobs? Check this EPFO update on PF transfers
The Employees' Provident Fund Organisation (EPFO) has rolled out a revamped version of Form 13 and updated its software functionality, a move expected to benefit over 1.25 crore members.The reform is part of EPFO's broader strategy to digitise processes, enhance transparency, and ease the procedural burden on Indian workers.Effective January 2025, the requirement for employer approval in most transfer cases has been eliminated. Previously, PF balance transfers required coordination between source and destination EPFO offices, often causing delays.advertisement
Under the new system, once a claim is approved by the source office, the PF amount will be automatically credited to the employee's account at the destination office, with no need for verification at the receiving end. This has drastically shortened processing times and reduced grievances associated with PF transfers.Additionally, the revamped Form 13 software now includes a clear separation of taxable and non-taxable portions of PF savings. The functionality will ensure more accurate calculation of Tax Deducted at Source (TDS) on interest earnings, a step seen as critical for ensuring tax compliance and enhancing transparency.By removing ambiguities around tax liabilities, the change addresses a long-standing issue faced by PF members.The EPFO estimates that these process improvements will enable smoother annual fund transfers of nearly Rs 90,000 crore, significantly boosting efficiency and member satisfaction.advertisementIn another notable update, the EPFO has introduced a facility for bulk generation of Universal Account Numbers (UANs) by employers, even in the absence of Aadhaar seeding.A new software functionality implemented across field offices enables the creation of UANs using existing member data, simplifying validations and facilitating the settlement of claims, especially for workers from exempted trusts following cancellation of exemptions or during recovery efforts.However, to mitigate risks and ensure the security of PF accumulations, all such UANs generated without Aadhaar will be kept in a frozen state.These will only be activated after Aadhaar is successfully seeded, the EPFO clarified in an official statement.Must Watch
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