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New EPF Account Online Transfer Form Released
As a frontrunner of EPF online transfer claim facilities, EPFO has introduced new online PF account transfer form. The new form called 'Transfer Claim Form' is a revised version of the existing account transfer Form 13.
Salient features of new EPF Transfer Claim Form
i) Can be forwarded to PF office by current employer or previous employer after verifying. Earlier Form 13 had to be presented by present employer.
ii) You can submit transfer claim form online with digital stamp of employer.
iii) SMS or email updates on status of transfer claim
For submitting PF account transfer form online the employer must first have created and registered his digital signature. Once this is done employees of that organization can submit form online. Those who are unable to submit online can submit the physical form.
Don't leave your old PF account idle for long
A word of caution for those who have switched job: if PF account is not active for 36 months it becomes an inoperative account and earns no interest. So don't let your PF account balance sit idle for so long, integrate old accounts with the new PF account.
Improving EPF services
Employees' Provident Fund Organisation (EPFO) is on the attempts to improvise its services. Two biggest problems encountered by PF members are withdrawal claims settlement delay and transfer claim settlement delay.
Presently the process of transferring Provident Fund account from previous employer to new employer takes minimum 1 month after submitting transfer claim. Once online service is fully functional, time for transfer claim settlement is expected to reduce.
EPFO has an ambitious plan to provide Permanent Account Number to all members so on switching job they do not have to transfer to another account created by new employer. This will solve the problem of a person having multiple PF accounts. However this is not expected to take off until next year.