PF New Rules: PF transfer process has become easier now because EPFO has made major changes.
EPFO has made many important changes to make PF Transfer easier. Now the PF transfer process has become completely online and intensified. These changes have been made with the aim of making EPFO members’ life easier.
In the first PF transfer, two EPF offices – Source Office (from where PF transfer) and Destination Office (where PF transfer) – was required. Now under the new system, the need to take approval from Destination Office has been abolished in most cases.
Revamped Form 13 Software, as soon as the transfer claim will be approval from the Source Office, the old PF account will automatically be transferred to the current account of the member. This will speed up the transfer process and will benefit EPFO members.
Tax calculation also easy
In the new facility, the taxable and non-taxable portion of PF amount has been cleaned cleanly, so that the taxable PF interest can be correct calculations of TDS. This will benefit about 1.25 crore members every year and the transfer process of about 90,000 crore can be accelerated.
UAN will be able to be made even without Aadhaar
EPFO has also removed Aadhaar mandatory for generating UAN and creating the old PF amount in some cases. Especially for those members, whose PF is related to exempted Trusts or Quasi-Judicial/Recovery cases. Now a large number of UAN can be generated on the base of Member ID and other details from a new software facility, so that funds will be rapid credits, even if there is no base in the beginning.
However, such UAN will remain free for the protection of the PF amount and will be operational only after being linked to Aadhaar. These changes will make the members services even better, complaints will decrease, and the process of claim settlement will also be very easy.
