EPFO Simplifies Process For Funds Transfer, Correcting Personal Details

New Delhi: The Employees’ Provident Fund Organisation (EPFO) has introduced major changes to simplify key processes for its 7.6 crore subscribers by cutting down circuitous approvals that led to delays and inconvenience.

Labour and Employment Minister Mansukh Mandaviya said the EPF members, who have linked their Universal Account Number with their Aadhaar number, can file their transfer claims online using the one-time password generated using their Aadhaar. For this too, the intervention of the employer is not needed now.

Members will now be able to self-correct personal details, including name, address and bank details, by logging in to the EPFO website. “Such changes by Aadhaar-verified account holders will no longer require the approval of the employer,” the minister said.

This revision will immediately benefit around 3.9 lakh members whose requests are pending at various stages. If any member who can self-approve has already filed his request which is pending with the employer, the member can delete the already filed request and self-approve as per the simplified process. The majority of the cases could directly be self-approved by the members themselves or in some selected cases by the employer.

Out of the total eight lakh requests received at EPFO for correction through employers in FY 2024-25, almost 45 per cent of the change requests can be self-approved by the member without the employer’s verification or approval at EPFO. On average, this will eliminate a delay of nearly 28 days taken by the employer to approve Joint Declarations.

The request for change of EPF Account holders not having a full e-KYC shall get approved at the employer level in approximately another 50 per cent of the cases without the requirement for any approval at EPFO, the Minister said.