With an aim to further simplify the process to transfer PF account on change of jobs, the Employees’ Provident Fund Organisation (EPFO) has removed the requirement of approval of all transfer claims at the Destination Office by launching a Revamped Form 13 software functionality.

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, Ministry of Labour & Employment said in a statement while announcing the development.

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This revamped 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.

The Ministry claimed that the move 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.

Notably, 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 two, the EPF Office in which the transfer is actually credited (Destination Office).

Recently, the EPFO has also allowed its members to make a one-time payment of past dues through a demand draft. They can make the payment via a demand draft addressed to the Regional Provident Fund Commissioner (RPFC) of the region concerned and payable at the branch where the EPFO office holds an account.