EPFO unveils form for online PF transfer- Business News
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EPFO unveils form for online PF transfer

The full fledged service of online transfer of PF accounts on changing jobs would be possible only after employers' have digital signatures for the purpose.

 PTI   
  • New Delhi,  July 4, 2013  
  • |  
  • UPDATED   23:10 IST

Taking the first step towards launch of online PF transfer claim facilities, retirement fund body EPFO on Thursday unveiled the revised transfer claim form for the purpose.

The launch of full fledged service of online transfer of provident fund transfer claims would take more than a month, EPFO's Central Provident Fund Commissioner K K Jalan said.

The revised transfer claim form, which could be used online as well as manually, was unveiled by the Labour and Employment Minister Sis Ram Ola.

According to Jalan, the full fledged service of online transfer of PF accounts on changing jobs would be possible only after employers' have digital signatures for the purpose.

This is estimated to cost around Rs 700 for an employer.

At present, Employees' Provident Fund Organisation (EPFO) is supposed to settle a transfer of PF claim in 30 days period as per its citizen charter. Through online settlement of claims, the body envisages to do it in three days.

On this occasion, the Minister said the expectation of EPFO beneficiaries for a timely settlement of claims is a justified one.

During 2012-13, 107.62 lakh claims were settled, out of which 88 per cent of claims were processed within the prescribed 30 days as per the body's citizen charter. EPFO is expecting 1.2 crore claims in the current fiscal.

The Labour Minister directed that all efforts should be made to not only settle the claims within the time, but also to reduce the time taken in settlement of claims.

The revised form will be called 'Transfer Claim Form' instead of Form 13 for easy comprehension by beneficiaries.

The form can be presented after verification, either through the present employer or the previous employer.

Earlier, the form could be submitted after verification only through the present employer.