EPFO Introduces Enhanced Functionality for Form 13 to Accelerate PF Transfer Claims
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Synopsis
The EPFO has launched an improved Form 13 functionality to streamline the process of PF account transfers upon job changes, enabling faster fund transfers and minimizing member grievances.
Key Takeaways
- Enhanced Form 13 functionality speeds up PF transfers.
- Automatic transfer upon claim approval at source office.
- Benefits over 1.25 crore EPFO members.
- Breakdown of taxable and non-taxable PF components.
- Bulk UAN generation facility introduced for employers.
New Delhi, April 25 (NationPress) The EPFO has made the transfer process of PF accounts simpler by introducing an enhanced Form 13 software functionality, which will expedite the movement of funds to the new account, as stated in an official announcement on Friday.
Now, once a transfer claim receives approval at the transferor (source) office, the previous account will be automatically moved to the current account of the member at the transferee (destination) office without delay, supporting the goal of “Ease of Living” for EPFO members.
Previously, the transfer of PF accumulations involved two EPF offices: the one from which the funds were transferred (source office) and the one where the transfer was credited (destination office).
In a bid to further ease the process, the EPFO has eliminated the need for approval of all transfer claims at the destination office by launching the updated Form 13 software functionality, according to the statement.
This initiative is anticipated to benefit over 1.25 crore members, facilitating the transfer of approximately Rs 90,000 crore annually, as the overall transfer process will be accelerated.
The revamped Form 13 functionality also offers a breakdown of taxable and non-taxable components of PF accumulations, aiding in the precise calculation of TDS on taxable PF interest.
Earlier this year, the EPFO simplified the transfer process by eliminating the need for employer approval in most job change cases to enhance convenience for its members.
The EPFO has also introduced a feature for the bulk generation of UAN by employers without the necessity for Aadhaar seeding, thereby improving the ease of doing business.
To further enhance the Ease of Doing Business and address concerns regarding accurate accounting of past accumulations remitted to the EPFO by the Exempted PF Trusts following the surrender/cancellation of exemption and other instances of contribution remittance due to quasi-judicial/recovery proceedings, the EPFO has decided to relax the Aadhaar requirement for generating UAN and crediting past accumulations for these members, according to the official statement.
Additionally, a facility for the bulk generation of UANs based on the Member ID and other member information has been implemented to ensure prompt crediting of funds into such members' accounts.
A software functionality has been deployed and made available to field offices via the FO Interface for the bulk generation of UANs in these cases and for accounting past accumulations without the need for Aadhaar in the EPFO application, the statement noted.
However, as a precautionary measure to safeguard PF accumulations, all such UANs will be maintained in a frozen state and will only be activated after Aadhaar seeding, the statement indicated.
These initiatives are expected to greatly enhance services for members and alleviate long-standing grievances, including the further streamlining of validations for the automatic settlement of eligible claims, the statement concluded.
