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Aiming at expediting transfer of PF accounts of employees joining firms having private PF trusts, the retirement fund body EPFO has decided to make available online 'Annexure-K', a document which contains details of accounts, to new employers.
According to a circular issued by the Employees' Provident Fund Organisation (EPFO) to its field staff, the 'Annexure -K' will be provided online to private PF trusts to expedite transfer of PF accounts.
The new facility will address the problems with regard to delay in transfer of PF accounts because of non-receipt and delay in receipt of Annexure K despite transfer of individual PF accumulations of new employees in time.
In view of hardship faced by these trusts and workers joining such firms, the EPFO has decided to provide the document online.
At present, there are around 3,000 such trusts which would be able to access the 'Annuxure-K' of their new employees' who have claimed transfer of their EPF from account maintained by their former employers with EPFO.
The private PF trusts maintain their workers' PF money and account themselves. They are called exempted establishments because they don't have to file PF returns.
However, these trusts deposit the contributions towards their workers accounts under the Employees' Pension Scheme-1995 (EPS-95) to the EPFO.
The Annexure-K would be provided as PDF (Portable Document Format) file to avoid any tinkering with it by anybody.
The body is also contemplating the online transfer of EPF from exempted establishment to unexempted firms and vice-versa. This step to make 'Annexure-K' available online will help in moving in that direction.
EPFO provides the facility of online transfer of EPFO among unexempted establishments which manage their workers' PF account with the body and file PF returns.
