EPF subscribers need not file separate form for transfer

Now, at the time of joining new employer, the employees' can give details of their previous EPF account in new composite F-11 form to give declaration about their details, a senior official said.

Once the old EPF account details are provided in F-11 form, the funds will be automatically transferred by the EPFO to new EPF account, the official added. The Employees' Provident Fund Organisation (EPFO) has decided to use new F-11 composite form, which is a declaration document filed by employee through employer to provide details like bank account number and Aadhaar.

At present, the formal sector employees are required to file Form-13 for EPF transfer to their new account on changing jobs.

The EPFO has also decided that the composite declaration form (F-11) will replace Form No 13 in all cases of auto transfer. The body receives over one crore different type of claims, including EPF withdrawal, pension fixation, death claims and EPF transfer claims. The transfer claims constitute 10-15 per cent of the total claims filed by subscribers. The body has been running online transfer claim portal to encourage subscribers to seek transfer of funds into their new EPF accounts when they change job.

The EPFO has introduced Universal Account Number which is a portable EPF account number that remains the same throughout the life time of a formal sector workers.

The EPFO has a subscribers base of over four crore and manages a fund size of over Rs 10 lakh crore.

Meanwhile, Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) is scrutinising if private equities (PEs) will make good promoters in insurance companies, a top official said.

"In insurance companies, we look at it in two different ways. Investors and promoters. Anybody can invest in the company, for promoter, we are studying as to know what is the feasibility, and if at all somebody is coming what are the conditions that need to be put in place," T S Vijayan, chairman Irdai, told reporters on the sidelines of an Assocham event here on Friday.

"We have set up a team for the purpose and we are legally examining it and we will take a decision on the issue in a month or so. We will come out with a decision in a month's time on allowing private equity (PE) firms to buy stake in insurance companies," he added.

However, the Irdai chairman said no decision has been taken on short-term money coming into insurance sector.

"This is one question we are debating," Vijayan said.

Of late, Canadian billionaire Prem Watsa's Fairfax Financial Holdings had sold 12.18 per cent of its stake in general insurance company, ICICI Lombard to private equity firms like Warburg Pincus, Clermont Group and IIFL Special Opportunities Fund.