April 1 marks as one of the most important days as several latest tax rules that Finance Minister Nirmala Sitharaman announced in the budget came into effect on this day. It is crucial to remain aware of these changes as they can directly affect your finances. A key change that has taken place is related to your EPFO. The Employees’ Provident Fund Organisation (EPFO) has started a new system that will automatically transfer your provident fund balance to the new employer’s account as you plan to shift your job. As the new rule has already become effective, you no longer have to submit manual request to shift your existing PF funds to new employer’s account.
After the latest update, EPFO will be automatically transferring your PF balance to the new employer’s account that will ensure a smooth continuation of your savings for your retirement days. The new update will streamline the process of handling your PF across several employers.
After the new update in EPFO, employees will not have to go through any difficulty while moving from one job to another when it comes to managing and continuing their savings.
Also Read: EPF Joint Declaration: Quick Steps To Update, Change Profile Online
According to the EPF regulations, employees need to contribute 12% of their monthly basic salary and employers must match this contribution.
Previously, the Employees’ Provident Fund Organisation (EPFO) introduced changes to standard operating procedure (SOP) for securing joint declarations for rectifying errors in members’ and employers’ Universal Account Number (UAN) profiles, in combination with the way of adjustments to be followed by field offices. If you require to make changes pertaining to your name, address, or any other key details that you need to introduce to your EPF account, do not panic any more. You can introduce these changes simply by filling a joint declaration form online. It is called “joint” as it is combined where employee and employer sign to bring changes.
Joint Declaration Form: It is an Employees’ Provident Fund (EPF) form that is used for modifying Provident Fund (PF) member information. It is a combined form that must be signed by employee and employer and need to be submitted to the regional PF commissioner to update incorrect details filled in the employees’ PF accounts.
Changes to SOP: According to the SOP amendment notification issued by EPFO on March 11, 2024, applicant will be able to submit Aadhaar card of the member bearing father/mother’s name, PAN card, 10th or 12th marksheet bearing father/mother’s name and driving license at the time of applying to introduce changes to their parents’ names.
Documentary Proof That Will Be Required: All big and small corrections requests should be supported by documentary proof. In case if it happens to be a minor change, a minimum of 2 documents will be needed from the list of documents attached in Annexure-I with relevant parameters of change. In case of major changes, a minimum of 3 documents will have to be submitted by the applicant from the list of documents attached in Annexure-I with respect to the particular parameters in those changes.
Changes That Can Be Introduced: To introduce changes in any of the 11 parameters, you should use joint declaration form. These parameters will be including DOB, gender, name of mother & father, relationship, marital status, joining date, leaving date, reason for leaving, nationality and Aadhaar number, among others.