EPFO Account Transfer On Job Change To Become Easier: All You Need To Know

The Employees' Provident Fund Organisation (EPFO) has simplified the process of transferring PF accounts on job change by removing the requirement for approval from an employer in the majority of the cases, an official statement said on Friday.

The Current Process

Up until now, the transfer of Provident Fund (PF) accumulations involved two Employees' Provident Fund (EPF) offices -- the Source Office, from which the PF amount was transferred, and the Destination Office, where the amount is finally credited, the Ministry of Labour & Employment said.

"Now, with an aim to further simplify the process, EPFO has removed the requirement of approval of all transfer claims at the Destination Office by launching a Revamped Form 13 software functionality," the ministry said in an official statement.

The Updated Process

"Henceforth, once the transfer claim gets approved at the Transferor (Source) Office the previous account will automatically get transferred to the present account of the member at the Transferee (Destination) Office instantly furthering the aim of “Ease of Living” for Members of EPFO," it added.

Additionally, this revamped version of the process will also provide the bifurcation of taxable and non-taxable components of PF accumulations to facilitate accurate calculation of TDS on Taxable PF interest.

"It is expected to benefit more than 1.25 Crore Members facilitating the transfer of around Rs. 90,000 Crores every year henceforth as the entire transfer process shall be speeded up," the Ministry added.

Why Has This Change Been Made?

The government has done this to further the Ease of Doing Business and to address the several grievances that were being raised about proper accounting of the past accumulations that had been remitted to EPFO.

Further, a facility for the bulk generation of UANs based on the Member ID and other member information available on record has been provided so as to enable prompt crediting of funds in the accounts of such members.

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