PF Money Transfer Becomes Easier. Here Is The New Rule
Retirement fund body EPFO has introduced new declaration form - Form 11 Form contains declaration by about previous employment, KYC details Form 11 replaces Form 13, for transfer of PF accumulations
The Employees' Provident Fund Organisation (EPFO) has further eased the norms for those who want to transfer their PF deposits on change of jobs.
Retirement fund body EPFO has introduced a declaration form (new Form No 11), replacing the existing one. This new form contains a declaration by a person about his previous employment, KYC (know your customer) details etc. while taking up employment with a new organization.
This new declaration form also replaces Form 13 (for transfer of PF accumulations from one employer to another) where the existing member to the provident fund makes a request for transfer of his/her fund through the UAN facility, EPFO said in a statement.
(Read: Five different ways to check PF balance status instantly)
UAN stands for Universal Account Number. It acts as an umbrella for the multiple member identification numbers allotted to an individual by different employers. The idea is to link multiple member identification numbers allotted to a single member under single UAN.
The members who have been allotted UAN and where KYC details have been digitally verified by the previous employers are not required to fill separate Form 13 for fund transfer, the retirement fund body added.
In another development, EPFO will extend various online facilities like provident fund (PF) claim settlement and meeting of KYC norms to two lakh common service centres (CSCs).
The pact on this would be inked soon by EPFO and the IT Ministry which will eventually help the body operationlise all 7.84 crore UANs issued to subscribers.
According to data available on the EPFO website, as many as 2.93 crore UANs have been activated by subscribers, which are now portable for life. UAN account holders are not required to transfer their PF account on changing jobs.
EPFO has decided to extend services like Aadhaar seeding with Universal Account Number (UAN), digital life certificate of pensioners, e-KYC-operated upload and update facility, UAN card-related and online claim service at two lakh CSCs of the IT Ministry.
The pact on this would be inked soon by EPFO and the IT Ministry which will eventually help the body operationlise all 7.84 crore UANs issued to subscribers.