New EPFO System: Now money will be transferred to the new account as soon as you change jobs, no approval will be required

EPFO New Rules: The Employees’ Provident Fund Organization has made some amendments in the rules regarding the transfer of PF account. After which, now the employee will not need approval from his old employer and new employer to transfer the PF account when changing jobs.

EPFO New Rules: The Employees’ Provident Fund Organization (EPFO) has made many changes in the last few years to simplify its process. About 7 crore EPF members will benefit from these changes. Meanwhile, the Employees’ Provident Fund Organization has made some amendments in the rules regarding the transfer of PF account. After which, now the employee will not need to take approval from his old employer and new employer to transfer the PF account on changing the job. This will give great relief to the members.

EPFO launches new software facility

Earlier, when an employee changed his job, approval had to be taken from both the employers to transfer the balance of his PF account from the old company to the new company. But now this process has been automated. The Employees’ Provident Fund Organization has launched a new software facility under Form-13 to make this process easier. Through this, the transfer claim from the old company will be approved and the PF account balance will be transferred directly to the account.

More than 1.25 crore members will benefit every year

Let us tell you that with this new system, an amount of about Rs 90,000 crore will be transferred every year and about 1.25 crore members will benefit. Along with this, EPFO ​​has also added the facility of dividing the deposits into taxable and non-taxable segments. This will make it easier to calculate the TDS levied on PF correctly.

Can generate multiple UANs

Apart from this, another facility has been started. Under this, now multiple Universal Account Numbers i.e. UANs can also be created simultaneously based on the information of the members. This will make it easier to transfer the old PF deposit to the new account. However, for security reasons, all such UANs will be kept suspended until the Aadhaar number is updated. The pension body said that this will help in resolving the complaints received for a long time and it will be easy for the employees to transfer the PF account.

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