EPFO, or the Employee Provident Fund Organization, has introduced some important updates in its circular. They have implemented four significant changes aimed at assisting PF holders. These changes include simplifying the process for transferring PF accounts and enhancing KYC updates. Let’s take a closer look at these four updates from EPFO.
Updating Personal Information
EPFO has streamlined the process for PF holders to update their personal information. In the past, employees often encountered issues with incorrect details, such as date of birth, when opening their accounts. Correcting these errors required multiple steps and approval from the employer. Now, employees can easily update their personal information on their own.
PF Account Transfer
The Employees’ Provident Fund Organization has recently released a circular that makes it easier for employees to transfer their PF accounts when they switch jobs. There’s no longer a need for verification from either the previous or new employer for the transfer. Employees can initiate the transfer themselves, as long as their UAN is linked to Aadhaar and all personal details are consistent.
Joint Declaration
EPFO has made it easier to handle joint declarations on their portal. Now, employees can fix mistakes in their name, date of birth, gender, nationality, and family details without needing their employer’s signature.
CPPS
EPFO has rolled out the Centralized Pension Payment System (CPPS) in all regional offices nationwide, which is set to help over 6.8 million pensioners. With CPPS, beneficiaries can access their pension from any bank without having to visit the bank for verification when starting their pension.