Top News

EPFO Account Holders: Employees' Provident Fund Organization (EPFO) has made a significant change in the process of transferring PF accounts when changing jobs. This new rule will benefit over 1.25 crore EPFO members, simplifying the process and making it more convenient. Additionally, EPFO has introduced a feature that allows employers to generate UAN (Universal Account Numbers) in bulk without the need for Aadhaar seeding.

Major Change in PF Account Transfer Process

Until now, transferring a PF deposit involved two EPF offices: the source office, from where the PF amount is transferred, and the destination office, where the final amount is deposited. However, EPFO has now made a change in Form 13, which removes the requirement for approval from the destination office. After the transfer claim is approved by the transfer office, the PF amount will automatically be transferred to the employee’s account in the destination office.

Benefits for 1.25 Crore Members

This change also provides the benefit of separating taxable and non-taxable components of the PF amount. This will facilitate accurate TDS (Tax Deducted at Source) calculation on taxable PF interest. As a result, over 1.25 crore EPFO members will benefit, and approximately ₹9,000 crore will be transferred annually under this new system, effective from January 2025.

Changes in UAN Generation Process

EPFO has also introduced a new feature allowing employees to generate a UAN in bulk, without immediate Aadhaar linking. This facility is now available to field offices to ensure the quick transfer of old balances to members' accounts. To prevent fraud, these UANs will be frozen initially and can only be activated after being linked to Aadhaar.