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 route of streamlining employee suppliers and easing procedural hurdles.
Sort 13 Enhance
The EPFO has overhauled the Sort 13 efficiency used for transferring provident fund (PF) accounts all through job changes. Earlier, the swap of PF balances required coordination between two regional locations of labor — one initiating the swap and the alternative receiving the funds. This normally led to delays and made the tactic sophisticated.
Beneath the model new system, as quickly as a swap request is accredited by the provision office — the EPF office for the time being holding the member’s funds — it is going to doubtless be robotically processed. The amount will then be credited to the member’s new account on the holiday spot office with out requiring extra approval.
This transformation is aimed towards decreasing turnaround time.