The Employees’ Provident Fund Organization (EPFO) has simplified the process of Form 13 used for PF account transfer. With this change, now the PF transfer claim will be processed faster than before and employees will save time.
This change is beneficial for all those employees who change jobs or have more than one PF account. Let’s understand the new changes:
What changed in Form 13?
1. Single-step transfer process: Earlier there was a 3-level processing for PF transfer, which has now been removed. Now only after the claim is approved at the source office (from where the PF account is being transferred), the money will be directly added to the new account. There will be no need for re-processing at another office.
2. Old PF balance and pension service period will be automatically added: Once the approval is received from the source office, the employee’s PF balance and pension service period will be automatically added to the new account.
3. Time will be saved, service will be faster: As per the EPFO directive dated April 25, the new process will help in processing transfer claims faster and make office work easier.
Special features of the new Form 13
As soon as you open Form 13, you will see details of employee’s KYC (old and new office), PF balance, contribution, interest calculation, and taxable/non-taxable amount together. If the PF account is being transferred to a new organization, it will be easy to match the old and new KYC information. Tax related details will be entered separately in this, which will increase transparency. A unique ID will be generated for every transaction, which will reduce the risk of fraud.
How will the new process work?
Step 1: The employee will fill Form 13 and submit it to the old office (where his PF account was earlier).
Step 2: The claim will be approved after all the verifications are done at the old office.
Step 3: The approved amount and the taxable portion will be automatically added to the new account.
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