EPFO i.e. Employee Provident Fund Organization has made many important changes for the convenience of its crores of PF members. Now the process related to PF withdrawal has become easier than before. Be it PF transfer, tax on interest or generating UAN without Aadhaar.
EPFO i.e. Employee Provident Fund Organization has made many important changes for the convenience of its crores of PF members. Now the process related to PF withdrawal has become easier than before. Be it PF transfer, tax on interest or generating UAN without Aadhaar. All these tasks have now become easier and safer than before.
What rules did EPFO change
EPFO has now divided PF interest into two parts in Form 13 – taxable part and tax free part. With this, now TDS i.e. tax deduction will be done correctly and there will be no error. PF members will now find it easier to understand how much tax is being deducted from their interest.
PF transfer is now even faster
EPFO has made the process of PF transfer very easy. Now your PF balance will be transferred quickly when you change jobs. Every year about Rs 90,000 crore is transferred. About 1.25 crore people will benefit from this.
UAN can be made even without Aadhaar
Now in some special cases, companies can generate UAN i.e. Universal Account Number even without Aadhaar. This facility is for those members whose PF trust has been closed or on whom any legal process is going on. Companies will be able to create UAN in bulk with the old member ID and other information.
Security is tight even on UAN without Aadhaar
If someone’s UAN is made without Aadhaar, then that account will remain frozen until Aadhaar is linked. This will prevent any misuse and the safety of PF money will be maintained.
PF transfer claim will now be faster
Earlier, approval had to be taken from both the offices in PF transfer, which caused delay. Now this process will be completed from a single office and your money will reach your new PF account quickly. All these changes of EPFO have been brought for the convenience, safety and transparency of the members so that every work related to PF can be easy and tension-free.
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