The system has been announced to be implemented. Now, when changing jobs, employees will not need to take any permission from the old employer or HR. Earlier, Form-13 had to be filled and verification from both old and new employers took 1-2 months, due to which claims remained pending and there was loss of interest. In the new system, the employee’s PF balance will be automatically transferred to the new employer’s account in 7-10 days. This process will be completely verified through Aadhaar based e-KYC and e-sign. According to the new rules of EPFO, now every employee will have only one UAN (Universal Account Number) for his lifetime. The system has been updated in such a way that if an employee’s UAN already exists, creation of a new UAN will be prevented. Real-time data exchange between EPFO and employers will be possible through API integration. This will make the entire process paperless, fast and secure. EPFO says that this change will benefit more than 10 crore members across the country and the chances of fraud will also reduce.
