EPFO update: The Employees’ Provident Fund Organisation (EPFO) has updated Form 13 to make it easier for its members to transfer their Provident Fund (PF) accounts when switching jobs. The updated version of Form 13 will also reflect the taxable and non-taxable components of PF interest separately. EPF has also introduced a feature to help employers generate Universal Account Numbers (UAN) for multiple employees in bulk without having the need to seed Aadhaar. These major updates are expected to benefit over 1.25 crore EPFO members.
EPFO update: New Form 13
EPFO has rolled out an updated version of Form 13 to streamline and speed up the transfer of EPF accounts when members change jobs. Earlier, the employee needed approvals from both their old (transferor office) and new employers (transferee office).
Under the new system, PF balances will be automatically transferred to the new employer once the previous employer approves it, aligning with EPFO’s broader goal of enhancing the “Ease of Living” for its members.
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Another important change that EPF India has made to Form 13 is that the interest deposited in the PF account will be clearly demarcated under taxable and non-taxable categories. This will simplify the tax compliance process for both EPFO and its members.
The updated feature will also help in the correct calculation of Tax Deducted at Source (TDS) and would reduce the possibility of any kind of error during future tax filings.
EPF has also made other improvements to speed up processes like auto-settlement. This move will be beneficial for those who want to settle their PF claims on time.
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EPFO has also facilitated the generation of UAN in bulk without the need for an Aadhaar number in certain cases. The new EPFO update benefits members associated with Exempted PF Trusts that have either merged with EPFO or had their exemptions cancelled, as well as cases involving recovery or quasi-judicial proceedings. Employers can now generate Universal Account Numbers (UANs) in bulk using existing Member IDs and available data,
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