The Workers’ Provident Fund Organisation (EPFO) has launched a number of upgrades to its system. These are anticipated to profit over 1.25 crore members throughout the nation. The upgrades are a part of the EPFO’s efforts in direction of streamlining worker companies and easing procedural hurdles.
Type 13 Improve
The EPFO has overhauled the Type 13 performance used for transferring provident fund (PF) accounts throughout job modifications. Earlier, the switch of PF balances required coordination between two regional places of work — one initiating the switch and the opposite receiving the funds. This usually led to delays and made the method advanced.
Below the brand new system, as soon as a switch request is authorized by the supply workplace — the EPF workplace at present holding the member’s funds — will probably be mechanically processed. The quantity will then be credited to the member’s new account on the vacation spot workplace with out requiring additional approval.
This modification is aimed toward decreasing turnaround time.