Retirement fund body EPFO's subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs as it will now be done automatically.
Retirement fund body EPFO’s subscribers are no longer required to file separate EPF transfer claims using Form-13 after changing jobs as it will now be done automatically. Now, at the time of joining new employer, the employees’ can give details of their previous EPF account in new composite F-11 form to give declaration about their details, a senior official said. Once the old EPF account details are provided in F-11 form, the funds will be automatically transferred by the EPFO to new EPF account, the official added. The Employees’ Provident Fund Organisation (EPFO) has decided to use new F-11 composite form, which is a declaration document filed by employee through employer to provide details like bank account number and Aadhaar.
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 No 13 in all cases of auto transfer. The body receives over one crore 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.
The body has been running online transfer claim portal to encourage subscribers to seek transfer of funds into their new EPF accounts when they change job. The EPFO has introduced Universal Account Number which is a portable EPF account number that remains the same throughout the life time of a formal sector workers.
The EPFO has a subscribers base of over four crore and manages a fund size of over Rs 10 lakh crore.