PF Rule Change: No More Form-9 For Employees From October 1

0

1) The formal sector employers will be required to intimate about the details of their new employees online to retirement fund body EPFO from October 1, 2017. The EPFO has decided to do away with filing of Form-9, a declaration by a person (employee) taking up employment in an establishment in which Employees’ Pension Scheme is in force. This Form-9 is filed by the formal sector employers manually at present to intimate about their new employees.

2) EPFO provides facility to make down payment to buy home and pay equated monthly instalment through their EPF accounts. EPFO subscribers who have activated their UAN and seeded their KYC (Aadhaar) with EPFO will be able to apply for final PF settlement, pension withdrawal benefit and partial PF withdrawal from their UAN Interface directly.

 

3) EPFO members can complete the whole process online without interacting with the employer or the EPFO field office. The claim submitted by the member would flow in a soft form to the EPFO database, where it will be processed and the member’s bank account will be credited.

4) EPFO has made partial withdrawal easier from provident fund for medical and other purposes like purchase of house, education and marriage of children. For this purpose, the EPFO subscriber is no longer required to submit various certificates or documents.

5) The labour ministry has amended the social security schemes run by the retirement fund body EPFO to enable it to make all payments – pension, provident fund and insurance – to members electronically. This will quicken up the process as well as increase transparency.