Latest news with #UniversalAccountNumbers
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Business Standard
5 days ago
- Business
- Business Standard
Deadline for EPFO's ELI scheme extended: Here's what you need to know
In a relief for many Employees' Provident Fund (EPF) subscribers, the Employees' Provident Fund Organisation (EPFO) has once again extended the last date to activate Universal Account Numbers (UAN) under the Employees' Enrolment Campaign-linked (ELI) scheme. The new deadline to activate your UAN and become eligible for the scheme's benefits is June 30 now. This extension offers more time to thousands of unorganised and contractual workers whose UANs were either inactive or never activated. What is the Employees' Life Insurance scheme? The Employees' Life Insurance (ELI) scheme, formally known as the Employees' Deposit Linked Insurance (EDLI) scheme, offers life insurance benefits to EPF members. In case of the death of the insured employee during service, the nominee is entitled to claim a lump sum amount, with maximum benefits up to Rs 7 lakh.
Time of India
20-05-2025
- Business
- Time of India
EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know
The Employees' Provident Fund Organisation ( EPFO ) has recently announced several important updates aimed at making Provident Fund (PF) operations more efficient, transparent, and user-friendly. These measures focus on streamlining account transfers, enhancing Universal Account Number (UAN) management, simplifying claim processes, and improving digital services for both employees and employers. This includes revamped forms and bulk UAN generation without Aadhaar, face authentication on mobile apps, and relaxed documentation norms. Let's take a look at a few of these significant updates: Revamped version of Form 13 In a major step towards improving convenience for EPF members and minimising procedural delays, EPFO has rolled out an updated version of Form 13 , which further simplifies the process of transferring PF accounts when employees change jobs. The updated Form 13 (Transfer-out) enhances the features of the previously improved Form 19 and adds several new functionalities to streamline the transfer process. "With a view to further simplify the transfer claim process, the Form 13 (Transfer-out) functionality has since been revamped duly incorporating the bifurcation of taxable and non-taxable components of PF accumulations as stipulated," the EPFO said in a circular on April 25, 2025. Taxable and non-taxable EPF interest clarification The improved functionality of Form 13 on its official portal now clearly distinguishes between taxable and non-taxable components of Provident Fund (PF) accumulations. This enhancement facilitates the precise calculation of Tax Deducted at Source ( TDS ) on taxable PF interest, thereby promoting smoother tax compliance for both EPFO and its members. The update also improves transparency, providing members with greater insight into the details of their PF interest breakdown. Changes in EPF website: EPFO updates Form 13 to ease PF account transfer process, to show taxable PF Bulk UAN generation without Aadhaar For specific cases, EPFO has launched a facility that allows employers to generate Universal Account Numbers (UANs) in bulk, even without linking Aadhaar. This change is particularly relevant for members associated with Exempted Provident Fund Trusts that have surrendered or had exemptions cancelled. It is also applicable in scenarios involving recovery or quasi-judicial proceedings. Employers can now generate UANs using the existing Member IDs and other available data, ensuring that past contributions are credited to the correct accounts without delays. Live Events "With a view to ensure proper accounting of the past accumulations that had been remitted to 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 to relax the requirement of Aadhaar for generation of UAN/credit of Past Accumulations for such members and also provide a facility for bulk generation of UANs based on the Member Id & other member information available on record as to enable prompt crediting of funds in the accounts of such members," the EPF said in its April 25, 2025, circular. Now generate, activate UAN instantly with Face ID on UMANG App EPFO has recently streamlined the process of allotting and activating the Universal Account Number (UAN) further. As per a circular issued by the retirement fund body, Face Authentication Technology (FAT) linked to Aadhaar has been incorporated into the UMANG (Unified Mobile Application for New-age Governance) app. This integration introduces three new features, aimed at delivering a more seamless and user-friendly experience for EPF members and employees. "In order to simplify and to make the entire process of allotment and activation of UAN more robust, the following three facilities for employees/members have been introduced in the UMANG APP leveraging the Face Authentication Technology (FAT). 1. Direct UAN Allotment and Activation 2. UAN Activation for Existing UANs 3. Face Authentication Service for Existing Activated UANs," said the circular issued on April 8, 2025. EPFO simplifies UAN allotment: Now generate, activate UAN instantly with Face ID on UMANG App; Know how to use it EPF due payment via demand draft The Employees' Provident Fund Organisation (EPFO) has issued a clarification addressing concerns raised by various field offices regarding situations where employers are unable to remit past dues through the standard Electronic Challan-cum-Return (ECR) system. In such cases, employers have expressed willingness to settle these dues using demand drafts. "It is therefore clarified that where the officer-in-charge of the region is satisfied that such request is for a one-time payment of past dues and the employer is not seeking a mode other than the internet banking for the payment of future remittances, he may collect the dues in the manner as is practiced for recovery of any demand in arrears, i.e., through a demand draft in the name of RPFC-in-charge of the region and payable at the bank branch where the regional office concerned holds a bank account," said a Ministry of Labour and Employment circular issued on April 4, 2025. Also read: EPF due payment via demand draft: EPFO allows one-time payment of past EPF dues via Demand Draft No need to upload cheque leaf or passbook image In a major relief for EPF members, EPFO has eliminated the requirement of uploading a cheque leaf or an attested bank passbook while filing online claims. The removal of this step will immediately benefit around 60 million EPF members. It eliminates claim rejections due to unreadable or poor-quality uploads. It will also reduce grievances and make online claim settlement faster and hassle-free. According to a Ministry of Labour and Employment circular on April 3, 2025, "In continuation of earlier efforts to facilitate the speedy settlement of claims filed online and to reduce the rejection of claims due to the reason of non-uploading of the image of cheque leaf/attested bank passbook while filing claims online, it has been decided that the members shall not be required to upload the image of cheque leaf/ attested bank passbook at the time of filing a claim provided the bank account seeded with UAN is validated by concerned bank/NPCI, with effect from the date of this circular." No employer approval needed for bank account seeding To further streamline the process, EPFO has removed the need for employer approval after bank verification for seeding bank account details with UAN. Currently, every member is required to seed his/her bank account with UAN to get their PF withdrawals seamlessly credited to such an account. According to a Ministry of Labour and Employment circular on April 3, 2025, "It has also been decided that there shall be no requirement of approval of the employer in the bank account seeding process henceforth. Further, all requests pending for bank KYC seeding at the employer level will be auto-approved following the verification process from the bank/NPCI."
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
India Today
26-04-2025
- Business
- India Today
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 reform is part of EPFO's broader strategy to digitise processes, enhance transparency, and ease the procedural burden on Indian 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 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 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 removing ambiguities around tax liabilities, the change addresses a long-standing issue faced by PF EPFO estimates that these process improvements will enable smoother annual fund transfers of nearly Rs 90,000 crore, significantly boosting efficiency and member 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 to mitigate risks and ensure the security of PF accumulations, all such UANs generated without Aadhaar will be kept in a frozen will only be activated after Aadhaar is successfully seeded, the EPFO clarified in an official Watch
Time of India
25-04-2025
- Business
- Time of India
Changes in EPF website: EPFO updates Form 13 to ease PF account transfer process, to show taxable PF
In a significant move aimed at enhancing EPF member convenience and reducing procedural delays, the Employees' Provident Fund Organisation (EPFO) has introduced a revamped version of Form 13, simplifying the PF account transfer process when employees change jobs. Additionally, EPFO has rolled out a new facility enabling employers to generate Universal Account Numbers (UAN) in bulk even without Aadhaar seeding, further bolstering service efficiency. #Pahalgam Terrorist Attack India pulled the plug on IWT when Pakistanis are fighting over water Pakistan alleges terror charge on India in its statement What makes this India-Pakistan standoff more dangerous than past ones Seed your bank account with UAN to get easy PF withdrawal, seamless transfer: EPFO The changes in the EPF website are also expected to improve validation processes for auto-settlement of eligible EPF claims, marking a significant step toward a more responsive and efficient EPFO. Taxable and non-taxable EPF interest The revamped Form 13 functionality on the EPF website also includes a key enhancement—clear bifurcation of taxable and non-taxable components of PF accumulations. This feature will help ensure accurate Tax Deducted at Source (TDS) calculations on taxable PF interest, thus streamlining the tax compliance process for both EPFO and its members. EPFO simplifies UAN allotment: Now generate, activate UAN instantly with Face ID on UMANG App; Know how to use it Impact on EPF members and fund transfers The simplified EPF account transfer process is expected to benefit over 1.25 crore EPFO members. With this streamlined mechanism in place, EPFO anticipates handling seamless EPF account transfers of nearly Rs 90,000 crore in PF funds every year, significantly reducing delays and member grievances. Live Events The EPFO in this regard has issued a circular in this regard. However, the process was not functional on the EPFO's Member Sewa website. With the launch of revamped Form 13, this functionality is now live on the EPF website. Bulk UAN generation without Aadhaar for special cases EPFO has introduced a facility that allows bulk generation of UANs without Aadhaar linkage in specific scenarios. This move is particularly relevant for: · Members associated with Exempted PF Trusts that have recently surrendered or had their exemptions cancelled. · Situations involving recovery or quasi-judicial proceedings where past accumulations are being remitted to EPFO. · Employers can now generate UANs using existing Member IDs and other available data, without Aadhaar, ensuring prompt credit of past contributions to the appropriate accounts. Security measures To protect members' interests, all UANs generated without Aadhaar will initially remain frozen. These accounts will be activated only after successful Aadhaar seeding. This risk mitigation strategy ensures both operational efficiency and security of PF accumulations. Faster EPF account transfer claims Previously, the process of transferring PF accounts involved two EPF offices—one as the source (Transferor Office) and the other as the destination (Transferee Office). Each transfer required approval from both ends, often resulting in delays. As of January this year, EPFO has removed the requirement for employer approval in most transfer cases. Now, once a transfer claim is approved at the source office, the accumulated balance will be automatically credited to the member's new account at the destination office. This move is expected to dramatically cut down processing time and aligns with the organization's goal of promoting 'Ease of Living' for its members.
