EPFO has eased the norms for those who want to transfer their PF deposits on change of jobs.
A new form No. 11, replacing the existing form has been made available. This new form contains a declaration by a person about his/her previous employment, KYC (know your customer) details etc. while taking up employment with a new organization.
This new declaration form also replaces Form 13 (for transfer of PF accumulations from one employer to another) where the existing member to the provident fund makes a request for transfer of his/her fund through the UAN facility.
UAN stands for Universal Account Number. It acts as an umbrella for the multiple member identification numbers allotted to an individual by different employers. The idea is to link multiple member identification numbers allotted to a single member under single UAN.
The members who have been allotted UAN and where KYC details have been digitally verified by the previous employers are not required to fill separate Form 13 for fund transfer.
Also, EPFO is looking to extend various online facilities like provident fund (PF) claim settlement and meeting of KYC norms to two lakh common service centres (CSCs).
From India, Mumbai
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