Modernizing EPFO for a Seamless PF Transfer
Major modifications in EPFO regulations in 2025: Updates to member profiles, increased pension, and additional perks detailed
Happy New Year to all our EPFO members! This year, the Employees Provident Fund Organisation has rolled out a host of changes aimed at enhancing convenience and transparency for millions of its members. From updating profiles to pension-related matters, here are the 5 game-changing updates in simple terms:
- Revamped Profile Updates
Now, updating your EPFO profile is a breeze! If your UAN is connected with Aadhaar, you can now edit critical information like name, date of birth, gender, parents' names, marital status, and job details online, sans any paperwork. However, for those who registered their UAN before 1st October 2017, you may still require your employer's consent for certain changes.
- Easier PF Transfers
We've heard your concerns about hassles during PF transfers while switching jobs. In response, we've streamlined the process significantly. From January 15, 2025, in specific cases, neither the old nor the new employer's approval will be needed for PF transfer. This update will benefit cases where the Member IDs are linked to the same UAN (post 1st October 2017 and linked with Aadhaar) or where two different UANs are linked to Aadhaar and the key details (name, date of birth, and gender) match.
Also read: Pension to increase to Rs 7,500? Read what unions demand and parliament panel recommends
- Simplified Joint Declaration Process
EPFO has revamped the process of filing a Joint Declaration (JD). As of 16 January 2025, members have been segregated into three categories:
- Aadhaar-based UAN members can carry out online JD
- Members with old, verified UANs also qualify for online JD
- Lastly, for cases involving members without UANs, unverified Aadhaar, or deceased members, a physical JD is still required.
- Introducing CPPS for Pension Payments
As of 1st January 2025, EPFO has rolled out the Centralized Pension Payment System (CPPS). This system permits the direct transfer of pensions to any Bank Account within the country via the NPCI platform. This eliminates the need for PPO transfer between regional offices and necessitates UAN-Aadhaar linkage while issuing a new PPO to avail the Digital Life Certificate (Jeevan Pramaan). Misdirected claims will be returned to the issuing office.
Also read: Unclaimed funds worth nearly Rs 2 lakh crore! Check if any of it belongs to you
- Policy Clarification for Higher Pension
EPFO has clarified the rules governing pension calculations based on higher salary. Based on regional office feedback, it has been decided:
- Uniform Pension Calculation: Pension will be calculated consistently across all pensioners
- Compliance for Exempted Institutions: Exempted institutions will be required to fully adhere to the rules set by the trust
- Debt Recovery and Arrears: The processes for recovering dues and disbursing arrears will be handled separately
This step seeks to bring uniformity, promote transparency, and follow legal processes effectively.
Summing Up...
With these profound changes, EPFO has stepped into the digital era while ensuring a smooth and convenient experience for its members. Updating profiles, transferring PF, and pension-related tasks have never been this seamless. These changes are EPFO's commitment to enhancing employee convenience and trust.
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- In the realm of personal-finance and technology, the Employees Provident Fund Organisation (EPFO) is advancing, aiming to facilitate seamless transferring of Provident Fund (PF) in the market.
- The revamped EPFO profile update process, intertwined with Aadhaar linkage, enables members to streamline critical information online, removing the need for any paperwork.
- As the digital age progresses, EPFO initiatives are expanding to include innovations like the Centralized Pension Payment System (CPPS), which allows for direct transfer of pensions across the market via the National Payments Corporation of India (NPCI) platform.
- Businesses and financial institutions must keep abreast of EPFO updates, as changes in pension calculations based on higher salary and pension payout systems are set to promote uniformity and transparency within the EPFO member community.
- As EPFO modernizes, it is keen on fostering trust and convenience among its members, ensuring a hassle-free experience in managing their personal-finance in the stock market and beyond.
