EPFO Form 13: There will be many benefits of simplifying the process of EPFO Form 13, such as earlier the transfer used to take weeks, now it will happen in a few days. Clear details of taxable and non-taxable amount will be available. Employees will not have to visit the office again and again.
EPFO Form 13: The Employees Provident Fund Organization (EPFO) has simplified the process of Form 13 used for PF account transfer. With this change, now the claim of PF transfer will be processed faster than before and employees will save time. This change is beneficial for all those employees who change jobs or have more than one PF account. Let’s understand the new changes:
What has changed in Form 13?
1. Single-step transfer process: Earlier there was a 3-level process for PF transfer, which has now been removed. Now only after the claim is approved in the source office (from where the PF account is being transferred), the money will be added directly to the new account. There will be no need for re-processing in another office.
2. Old PF balance and pension service will be automatically added: As soon as approval is received from the source office, the employee’s PF balance and pension service time will be automatically added to the new account.
3. Time will be saved, service will be faster: As per the EPFO’s instructions of April 25, the new process will process transfer claims quickly and make the work of offices easier.
Special features of the new Form 13
As soon as Form 13 is opened, the details of the employee’s KYC (old and new office), PF balance, contribution, interest calculation, and taxable/non-taxable amount will be visible together. If the PF account is being transferred to a new institution, it will be easy to match the old and new KYC information. Tax related details will be entered separately in this, which will increase transparency. A unique ID will be generated for every transaction, which will reduce the risk of fraud.
How will the new process work?
Step 1: The employee will fill Form 13 and submit it to the old office (where his PF account was earlier).
Step 2: The claim will be approved after all verifications are done at the old office.
Step 3: The approved amount and taxable portion will be automatically added to the new account.
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