EPFO Fund Transfer Without Aadhaar Verification in Special Cases
As part of an initiative to make life simpler for more than 1.25 crore members, the Employees’ Provident Fund Organisation (EPFO) has announced a series of digital initiatives. These measures are expected to make the process of PF transfer faster, more convenient and more cost-effective for the employees throughout the country.
Faster and Smarter EPFO Fund Transfer Without Aadhaar Verification
Earlier, shifting jobs often meant that transferring your PF balances was easier said than done, especially as there have been coordination delays between two different EPFO regional offices. But with the new Form 13, that headache is a thing of the past.
- Upon authorisation of the transfer claim by the present EPFO office, the money will automatically be credited into the new PF account of the employee.
- And there is no longer a need for multiple sign-offs, shortening the turnaround time drastically.
Also, this amended provision has made the taxable and non-taxable parts of the PF contribution distinct. This transparency is beneficial in computing TDS (Tax Deducted at Source) for interest from taxable portions, thereby minimising the confusion and disputes resulting from tax.
This move is expected to facilitate the annual transfer of about ₹90,000 crore and benefit a large number of working professionals by not only enhancing the speed and ease of fund transfer but also by making the process more refined.
Also Read: EPFO PF Funds Transfers: Easy & Simple Steps are Explained
EPFO Fund Transfer Without Aadhaar Verification for Special Cases
In order to resolve the lingering issue of PF accounts initi: 17:35:04ation from earlier contributions and exempted trusts, EPFO has now permitted the bulk generation of Universal Account Numbers (UAN) without Aadhaar in specific cases.
This program is especially useful in the following cases:
- Prior contributions from exempted trusts for which approbations were revoked.
- Recovery account transfer failures” automatically resulted from quasi-judicial orders.
Thanks to a newly developed software, employers can generate UANS in bulk using the member ID and some basic employee information, even in the absence of linking of Aadhaar at the commencement.
But if you want to reduce the possibility of misuse and to secure the account:
- Initially, the upload of these UANS will be as frozen (inactive) UANS.
- The features will be available only when the process of seeding Aadhaar is complete.
By doing so, we make sure that the operational burden on users is minimal, the PF system is used and abused fairly, and the technical security constraints are adequately met.
Conclusion
These include customer-centric reforms, as EPFO moves in the direction of digitisation. Be it faster fund transfers or generating UAN, these moves are going to ensure that PF management becomes that much easier for not just employees but employers too.
