The Employees’ Provident Fund Organisation has rolled out a new and updated Form 13 along with a feature for issuing Universal Account Numbers (UAN) in bulk.
The objective is to smoothen, simplify and speed up the process of transferring provident funds (PF) even while making it more transparent. Backlogs will also be taken care of. With manual intervention minimised, there will be no delays and more than 1.25 crore EPFO members will benefit from faster processing of fund transfers. With this system in place, the amount will be instantly credited the moment approval is received from the source office. Members will be able to check/see their updated balance instantly.
With the new update, it will become simpler to calculate tax and TDS too with more accuracy. This is because the form clearly distinguishes between taxable and non-taxable components of interest.
The revamped Form eliminates the need for an official clearance from the destination office. That means the transferred PF amount is credited as soon as the approval is received from the source office. Earlier, the process of PF transfer was time consuming as both the source and destination offices needed to give their official approvals, which often took weeks and repeated follow-ups.
Employers will now be able to create UANs in bulk with no need for Aadhaar seeding for individual cases. However, the UAN will be activated only after employees link their Aadhaar making the process secure.
1 Comment
I have withdrawn EPF amount and my service is yet to be transferred from Non UAN NO. to UAN no.
What is the procedure to be followed.
Please suggest. Thank you.