EPFO : The Employees Provident Fund Organization (EPFO) has made the process of Form 13 used for PF account transfer easier. With this change, the claim of PF transfer will now process faster than before and the employees will save time. This change is beneficial for all employees who change jobs or keep more than one PF account.
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 in the source office (where the PF account is being transferred), the money will be added directly to the new account. There will be no need for re -processing in the second office.
2. Automatic Balance and Pension Service will be added to automatic: As soon as the Source Office gets approval, the employee’s PF balance and pension service time will be automatically added to the new account.
3. Time will be saved, service will be fast: According to EPFO’s instructions of April 25, the new process will provide transfer claims quickly and the office work will be easier.
Special features of new Form 13
As soon as the Form 13 is opened, the details of KYC (old and new offices) of the employee, PF balance, contribution, interest calculation, and tax will be seen together. If the PF account is being transferred to a new institute, then it will be easy to join the old and new KYC information. In this, details related to tax will be recorded separately, which will increase transparency. Unique ID will be generated for every transaction.
How will the new process work?
Step 1: The employee will fill the form 13 and submit it to the old office (where his PF account was earlier).
Step 2: Claim will be approved after all verification in the old office.
Step 3: The approved amount and the taxable part will be added to the automatic new account.