EPFO Members Can Now Withdraw Part of PF Before Retirement, Know How To Do It

A long-term investment mechanism called the Employees’ Provident Fund was set up with contributions from the employee, the employer and sometimes the government. Simply put, PF is the Social Security Program of the Employees’ Provident Fund Organization (EPFO). Employees use it as a source of security for their finances when they retire. When an employee retires, the employer pays him the amount earned over the years in the PF account along with the prescribed interest.

When can you withdraw money?

Money can be withdrawn from EPFO ​​on the following conditions:

>> At the time of retirement (on or after 58 years of age)

>> If unemployed for 2 months.

>> By the nominee in case of death of the employee before the age of superannuation

However, EPFO ​​amended several withdrawal policies for those with financial difficulties. coronavirus the outbreak. As per the new rules, PF account holders can withdraw up to 75% of their net account balance or three months’ equivalent of their basic pay and dearness allowance, whichever is less. Substantial adjustment was implemented to enable withdrawal of PF funds by a person facing unemployment before retirement due to shutdown or retrenchment.

pf fund withdrawal process:

EPFO member has to login to unifiedportal-mem.epfindia.gov.in and then

>> Select the option of For Employees from the Services menu.

>> On the newly created page, select Member UAN/Online Service (OCS/OTCP).

>> Enter your UAN, password and captcha code to login to the portal.

>> Select KYC option from Manage tab.

You will be redirected to a new page. Check your KYC details in the Digitally Approved KYC field at the bottom of the page. Check the accuracy of the information.

>> Select Online Service from the top menu to finish the withdrawal.

>> Select CLAIM (FORM-31, 19 & 10C) from the drop-down menu.

read all latest business news Here