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EPFO to Automate PF Claims & Transfers
13 May
Summary
- EPFO will automate final provident fund withdrawal claims soon.
- Account transfers between employers will also be automated.
- No more forms will be needed for PF account migration.
The Employees' Provident Fund Organisation (EPFO) is implementing a significant automation drive to streamline its services. Soon, final provident fund withdrawal claims will be processed automatically, accelerating the transfer of funds to members. This move aims to enhance efficiency and reduce processing times for retirees and departing employees.
Furthermore, EPFO will automate the transfer of provident fund accounts when a member switches employers. This will eliminate the necessity of submitting manual forms for account migration. Currently, partial or advance withdrawal claims up to Rs 5 lakh are processed automatically within three days of submission.
This automation initiative is part of broader reforms under the new labour codes. The government has notified four new labour codes, with related EPFO schemes to be renotified shortly. These reforms aim to simplify definitions and processes, integrating past learnings and recent decisions, including a major overhaul of provisions for exempt trusts.
