Employee’s Provident Fund Organisation subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs. From now on, it will be done automatically.
A new composite form called Form-11 is introduced that will replace Form-13 in all cases of transfer.
This was stated by EPFO in an order dated September 20, 2017. “EPFO has embarked upon the next phase of e-governance reforms with a view to making its services available to its stakeholders. EPFO has recently introduced a single page composite claim form (Aadhaar/non-Aadhaar) and composite claim form for death cases by replacing multiple forms for settlement of claims,” the EPFO order said.
From now on, the employees can give details of their previous EPF account in the new composite Form-11 while joining a new employer. This form will give a declaration about their details.
Once the old EPF account details are provided in the Form-11 form, the funds will be automatically transferred by the EPFO to new EPF account.
At present, the formal sector employees are required to file Form-13 for EPF transfer to their new account on changing jobs. The EPFO has also decided that the composite declaration form (F-11) will replace Form-13 in all cases of auto transfer.
More on New PF Transfer Rule:
- The Composite Form-11 is a declaration document filed by an employee through an employer. This form provides information on bank account number, Aadhaar number, and other details.
- At the time of joining a new employer, an employee can give details of their previous EPF account in new composite Form-11 to give the declaration about his/her details.
- Once the previous EPF account details are provided in Form-11, the funds will be automatically transferred by the EPFO to new EPF account.
- The formal sector employees are required to file Form-13 for EPF transfer to their new account on changing jobs.
- Form-11 will replace Form-13 in all cases of auto transfers.
Currently, EPFO receives over 1 Cr different type of claims, including EPF withdrawal, pension fixation, death claims and EPF transfer claims. The transfer claims constitute 10-15 per cent of the total claims filed by subscribers.
he retirement fund body also allows an online facility to encourage subscribers to seek transfer of funds into their new EPF accounts when they change jobs.
The EPFO had introduced Universal Account Number (UAN) which is a portable EPF account number that remains the same throughout the lifetime of a formal sector worker.
The EPFO has a subscriber base of over four crores and manages a fund size of over Rs 10 lakh crores.
To further boost e-governance, EPFO has initiated a new measure under which employers will be required to intimate about the details of their new employees online to retirement fund body EPFO from October 1, 2017.
The Employees’ Provident Fund Organisation (EPFO) has decided to do away with the filing of Form-9, a declaration by the employee taking up employment in an establishment in which Employees’ Pension Scheme is in force. This Form-9 is filed by the formal sector employers manually at present to intimate about their new employees.
Have a look at the New Form-11