The Employees’ Provident Fund Organisation (EPFO) has launched only a few upgrades to its system. These are anticipated to revenue over 1.25 crore members all through the nation. The upgrades are part of the EPFO’s efforts in course of streamlining employee suppliers and easing procedural hurdles.
Type 13 Enhance
The EPFO has overhauled the Type 13 efficiency used for transferring provident fund (PF) accounts all through job changes. Earlier, the change of PF balances required coordination between two regional locations of labor — one initiating the change and the other receiving the funds. This often led to delays and made the strategy difficult.
Under the model new system, as quickly as a change request is accredited by the availability office — the EPF office for the time being holding the member’s funds — it is going to seemingly be robotically processed. The amount will then be credited to the member’s new account on the holiday spot office with out requiring further approval.
This transformation is aimed towards decreasing turnaround time.
