EPFO NEW UPDATE: Employees are in for a major relief. The Employees’ Provident Fund Organization (EPFO) is implementing a system that will automatically transfer PF funds to their new account upon changing jobs. This feature is expected to be fully implemented by the first quarter of 2025. With this change, employees will no longer need to fill out any forms or visit their old office.

PF transfers will now be automatic

Previously, when an employee joined a new job, they had to fill out Form 13 to transfer funds from their old PF account to the new account. This process was lengthy and time-consuming, requiring verification from both the old and new employers. Claims were often rejected or held up for months. However, the EPFO ​​has now automated and digitalized this entire process. As soon as an employee joins a new job and their UAN is linked to the new employer, their old PF balance will be automatically transferred.

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How will old problems be resolved?

Previously, PF transfers used to take one to two months. During this time, employees had to suffer a loss of interest due to pending claims. According to EPFO ​​data, millions of claims remain incomplete every year due to this reason. Now, this problem will be eliminated. EPFO ​​says that this new system will directly benefit more than 100 million employees.

Benefits of the Digital System

A senior EPFO ​​official stated that the new system will be completely digital, secure, and paperless. PF transfers will be automatic based on UAN, which will virtually eliminate the possibility of fraud or human error. Furthermore, interest will be continuously accrued, preventing any financial loss to employees.

Employees will benefit from these benefits

The implementation of the new system will save employees a significant amount of time as PF transfers will be completed automatically within a few days. There will be no need to upload or submit any documents. Interest calculations will continue, preventing loss of funds. Furthermore, upon retirement, the employee’s entire PF fund will remain in a single account, making management and withdrawals easier. This will be especially beneficial for private sector employees, as they will no longer face any hassles when changing jobs.

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UAN Activation Required

EPFO has urged all employees to activate their UAN (Universal Account Number) as soon as possible to avoid any problems with the transfer. To do this, go to the EPFO ​​member portal (https://unifiedportal-mem.epfindia.gov.in) and click on the “Activate UAN” link. Enter the UAN, name, date of birth, Aadhaar number, and mobile number. Verify the OTP and set up a login. Once the activation is complete, employees can perform tasks like checking their PF balance, claim status, and KYC updates online.

PF withdrawals will also be automated

The EPFO ​​is now moving towards making all provident fund-related work completely digital. There are plans to automate the PF withdrawal process in the coming months. This will eliminate the need for employees to file any manual claims at the time of retirement.