EPFO i.e. Employee Provident Fund Organization has made many important changes for the convenience of its crores of PF members. Now the process of withdrawing PF has become easier than before. Be it PF transfer, tax on interest or generating UAN without Aadhaar. All these tasks have now become easier and safer than before.
Which rules did EPFO change?
EPFO has now divided the PF interest into two parts in Form 13 – taxable part and tax free part. This will now ensure that TDS i.e. tax deduction is done correctly and there will be no error. It will now be easy for PF members to understand how much tax is being deducted from their interest.
PF transfer is now even faster
EPFO has made the process of PF transfer very easy. Now your PF balance will be transferred quickly when you change jobs. Every year about Rs 90,000 crore is transferred. About 1.25 crore people will benefit from this.
UAN can be generated even without Aadhaar
Now in some special cases, companies can generate UAN i.e. Universal Account Number even without Aadhaar. This facility is for those members whose PF trust has been closed or against whom any legal proceedings are going on. Companies will be able to create UAN in bulk with the old member ID and other information.
Security is tight even on UAN without Aadhaar
If someone’s UAN is made without Aadhaar, then that account will remain frozen until Aadhaar is linked. This will prevent any misuse and the safety of PF money will be maintained.
PF transfer claim will now be faster
Earlier, approval was required from both the offices for PF transfer, which caused delay. Now this process will be completed from a single office and your money will reach your new PF account quickly. All these changes of EPFO have been brought for the convenience, safety and transparency of the members so that every work related to PF can be easy and tension-free.
Related Articles:-
2000 rupee notes: RBI released a new update regarding 2000 rupee note, check details
Bank interest rates are decreasing, but these small savings schemes are offering 8.2% interest.
NPS Vatsalya Calculator: Your child will become a millionaire! Start investing from Rs. 1000
