By Admin 
EPFO Account Transfer: The Employees Provident Fund Organization (EPFO) has made a change in Form 13 on Friday and has removed the condition of approval of the employer in transferring EPF account. In the private sector, when people switch from one job to another, then they need to transfer EPF account. Now more than 1.25 customers will benefit from this move taken by EPFO. Now the process of transferring EPFO account has become easier for them to change the job.
Now the need for approval of the destination office will not be needed
Till now, the transfer of PF account was done with the participation of both the source office and the Destination Office. But now according to the new rule, the EPFO account transfer will not require approval of the Destination Office, but will only work from the approval of the source office. The EPFO said in a statement, “EPFO has launched Rewmpded Form 13 software to make the process of account transfer easier.”
90,000 crore rupees will be transferred every year
The EPFO has said that once the claim is approved from the source office with this new decision, the account will automatically be transferred to the current account of EPFO Member in the Destination Office. The EPFO has said that this will benefit more than 1.25 crore members, which will allow about Rs 90,000 crore to be transferred every year. Account transfer process will accelerate.
Companies will be able to generate UAN in bulk
With this, EPFO has relaxed Aadhaar requirements to generate UAN. Employees will be able to generate Aadhaar in bulk based on ID and information available on records so that funds can be deposited in the members of the members as soon as possible. EPFO is constantly trying to improve facilities, taking care of its subscribers as well as employees.
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