PF Money Transfer gets easier: New Form No 11 introduced
PF Money Transfer gets easier: New Form No 11 introduced :- According to a report, The Employees’ Provident Fund has further eased the norms for all those who want to transfer their PF deposit on change of jobs. The Retirement Fund Body, EPFO has introduced a declaration form (new Form No 11), which has replaced the existing form.
Notably this new form contains a declaration by a person about his previous employment, KYC (know your customer details). While taking up the employment with a new organization.
In a statement the EPFO has said that this new declaration form will also replace Form 13 (for transfer of PF accumulation from one employer to another in which the PF member makes the request for the transfer of his or funds through the UAN facility.
What are UAN and KYC? How they will work
UAN means Universal Account Number and it acts as an umbrella for the multiple member identification numbers allotted to a particular employee from different employers. Basically the idea is to link multiple member identification numbers allotted to a single member under a single UAN.
So all those members who have been allotted UAN and KYC details are have been digitally verified by the previous employers, then he or she are not required to fill separate Form 13 to get the fund transferred.
Apart from it, EPFO has also decided to extend various online facilities like Provident Fund claim settlement and meeting of KYC norms to two lakh common service centers.
Notably, the pact on this would be inked soon by EPFO and also by the IT Ministry, which will further help the body to operationlise all 7.84 crore UANs issued to subscribers.
In fact the EPFO has also decided to extend services like Aadhaar seeding with Universal Account Number and E- KYC.