Important facts about Form 11 Provident Fund
This formcontains basic information of an employee and it is mandatory for each employee to fill it upon joining a new organisation. It is the employee’s choice whether he/she would like to join the Provident Fund structure in the new work place joined by him/her. Employees with a salary above Rs 6,500 per monthare eligible to join the EPF scheme at their workplace.
The primary aim of setting up the Employees Provident Fund was to improve the quality of life of employees and providesocial security and benefits to them. This scheme would help in better understanding of the relationship between the employers and employees that would further enable the company’s quality of contributions. This would also allow the progress and development of the company in greater heights. Maintenance of this program is eased with the introduction of various forms, each produced to fulfil a specific purpose. These forms simplify management and effective use of time in case of both the employers and the employees.
The EPFO replaced the initial Form 11, by the introduction of a revised Form 11, effective from the 23rd of September, 2016.The revised structure of EPF Form 11 requires employees to fill in the following information:
Name of employee, DOB, Contact details, previous employment details, KYC (Aadhar card details, Bank account details, Pan card details etc.)
In case of transfer of EPF funds, transfer has become easier with the introduction of a new composite form called PF Transfer Form 11. EPFO subscribers will not have to file separate EPF transfer claims as it will now be done automatically. The EPF Declaration Form- Form 11, will also replace Form 13 of EPF, where existing EPF members will make a request for transfer of his fund availing the facility of Universal Account number or UAN.
Conclusion: Form 11 of the EPF scheme is an important declaration form which allows the provident fund department to maintain significant records of employees. It also provides valuable information about an employee to an employer, helping an employer to keep track of all the records of the employees. It also allows the employers to make informed decisions about the provident fund amounts, determining the course of the company and the employer-employee benefits.