Employees’ Provident Fund Organisation (EPFO) has introduced a revamped Form 13 functionality, simplifying the process of transferring provident fund (PF) accounts when employees change jobs.
This initiative, effective from January 2025, aims to streamline fund transfers for members.
It is expected to benefit over 1.25 crore individuals annually by enhancing service delivery.
The move aligns with the government’s vision of “Ease of Living” and addresses long-standing grievances related to delayed PF transfers.
EPFO Latest Update: Key Features of the Revamped Form 13
The updated Form 13 functionality eliminates the need for approval from the destination EPFO office, significantly reducing processing times.
Under the new system, the source office approves the transfer claim. Once approved, the PF amount is immediately credited to the member’s account at the destination office.
This change simplifies the previously cumbersome process, which required coordination between two EPFO offices.
Additionally, the revamped system introduces a bifurcation of taxable and non-taxable components of PF accumulations.
This feature ensures accurate calculation of Tax Deducted at Source (TDS) on taxable interest earned, promoting transparency and compliance with tax regulations.
Bulk UAN Generation Without Aadhaar
EPFO has introduced a new facility for the bulk generation of Universal Account Numbers (UANs). This process does not require Aadhaar seeding, simplifying account creation.
This measure is particularly beneficial for employers managing employee onboarding and for cases involving past PF contributions.
The new software functionality allows UANs to be generated using member IDs and other available details, ensuring timely crediting of funds.
However, as a risk mitigation measure, these UANs remain in a frozen state until Aadhaar seeding is completed.
Impact on EPFO Members and Employers
The revamped process is expected to facilitate the transfer of approximately ₹90,000 crore in PF accumulations annually.
By removing procedural bottlenecks, EPFO aims to enhance the member experience and reduce grievances related to delayed transfers and account mismatches.
Employers also stand to benefit from the streamlined UAN generation process, which simplifies compliance and reduces administrative burdens.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
