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India Today
28-04-2025
- Business
- India Today
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 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 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 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 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 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 IS THE SIGNIFICANCE OF THESE CHANGES?These steps are part of EPFO's ongoing efforts to make life simpler and more convenient for its 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 Watch
News18
26-04-2025
- Business
- News18
PF Transfers Get Faster: EPFO Brings Major Changes To Help Employees
PF Transfer Process Online: EPFO has simplified PF transfers by updating Form 13, removing Destination Office approval. PF Transfer Process Online: The Employees' Provident Fund Organisation (EPFO) has introduced significant changes to simplify the transfer process of PF accounts when employees change jobs. This is part of their ongoing efforts to enhance the ease of living for their members. Changes In Form 13 Previously, the transfer of PF accumulations involved two EPF Offices: the Source Office (where the PF is transferred from) and the Destination Office (where the PF is transferred to). The new changes have removed the requirement for approval from the Destination Office in most cases. With the launch of the revamped Form 13 software functionality, once a transfer claim is approved at the Source Office, the previous account will automatically transfer to the member's current account at the Destination Office. This aims to expedite the transfer process and promote ease of living for EPFO members. Tax Calculation Simplification Additionally, the new functionality includes a clear bifurcation of taxable and non-taxable components of PF accumulations, ensuring accurate calculation of TDS on taxable PF interest. This improvement is expected to benefit over 1.25 crore members and facilitate the transfer of approximately Rs. 90,000 crores every year, significantly speeding up the entire process. Bulk Generation Of UAN Without Aadhaar To further ease business operations and address grievances related to past accumulations, EPFO has relaxed the requirement of Aadhaar for the generation of UAN and crediting past accumulations for certain members. This includes cases involving exempted PF trusts and quasi-judicial/recovery proceedings. A new software functionality is now available for the bulk generation of UANs based on Member ID and other available member information. This enables prompt crediting of funds in members' accounts without needing Aadhaar initially. To protect PF accumulations, these newly generated UANs will be kept in a frozen state and made operational only after Aadhaar seeding. These measures are expected to significantly improve member services, reduce longstanding grievances, and streamline the validation process for auto-settlement of eligible claims.
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Business Standard
25-04-2025
- Business
- Business Standard
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.)
Time of India
25-04-2025
- Business
- Time of India
EPFO simplifies PF account transfer process on job change
Employees' Provident Fund Organisation has made it easier to transfer PF accounts. Now, employer approval is not needed in most cases. This change speeds up the transfer process. It benefits over 1.25 crore members. Around Rs 90,000 crore will be transferred faster each year. EPFO has also introduced bulk UAN generation. This ensures quicker crediting of funds. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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 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 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 revamped functionality also provides the bifurcation of taxable and non-taxable components of PF accumulations to facilitate accurate calculation of TDS on taxable PF 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 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' 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 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 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.
The Hindu
25-04-2025
- Business
- The Hindu
EPFO simplifies PF account transfer process on job change
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 (April 25, 2025). 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. PF account transfer made easy 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 ₹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.
