EPFO to fast-track transfer claims with a new software

New Delhi: The EPFO has further simplified the process for transfer of PF account on change of jobs by launching a revamped Form 13 software functionality that will speed up the transfer of funds to the new account, according to an official statement issued on Friday.

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 the EPFO.

Till now, the transfer of PF accumulations used to happen with the involvement of two EPF offices. One, from which the PF accumulation is transferred (source office) and the second being the EPF office to which the transfer is actually credited (destination office). Now, with an aim to further simplify the process, the EPFO has removed the requirement of approval of all transfer claims at the destination office by launching a revamped Form 13 software functionality, the statement said.

The move is expected to benefit more than 1.25 crore members, facilitating the transfer of around Rs90,000 crore that takes place every year, as the entire transfer process will be speeded up.

This revamped Form 13 functionality also provides the bifurcation of taxable and non-taxable components of PF accumulations to facilitate the accurate calculation of TDS on taxable PF interest.