EPF (Employees Provident Fund), also known as PF Provident Fund, is a mandatory savings and retirement plan designed for the employees. This fund has been set up as a corpus fund for the said employees to come back after their retirement. As per the EPF guidelines, the employee will have to contribute 12 per cent of his basic salary every month to this fund. Similarly, the employer will also contribute a mirror amount. fund in pf account Earns interest gradually on annual basis. This amount can be withdrawn in part or in full depending upon the fulfillment of certain conditions. These can be career-wise or circumstantial situations.
PF account withdrawal conditions
The PF amount of an individual can be withdrawn completely or partially. In order to fully withdraw the said amount, the person must either be retired or be unemployed for a period of more than two months. On which, the amount can be withdrawn till verification from the gazetted office.
On the other hand there are several criteria to be fulfilled for partial withdrawal. The reason for this can range from marriage to education, purchase of land or house, renovation, home loan repayment, COVID-19 or even partial withdrawal before retirement. All these reasons for withdrawal must be completed at least 5 to 7 years, except for pre-retirement withdrawals, where the employee must be at least 54 years of age.
withdrawal process
offline withdrawal
All you need to do is download the Composite Claim Form (Aadhaar) or the Composite Claim Form (Non-Aadhaar) and submit the filled form to withdraw funds. For the Composite Claim Form (Aadhaar), you need to link the Aadhaar number and bank details with the account concerned. It also needs to be activated through the portal. Composite Claim Form (Non-Aadhaar) occurs when the Bank and Aadhar details are not seeded as mentioned.
After filling the form you have to submit it to the concerned jurisdictional EPFO office along with the attestation of the employer.
online withdrawal
The online facility makes the process more streamlined and less time-consuming for the employee. Here are the steps.
Phase 1: Ensure that Universal Account Number (UAN) is activated and linked to a registered mobile number. Also make sure that it is preferred with your KYC, i.e. bank details, aadhaar and IFSC code. If these conditions are met, the employer will not need to verify the paperwork for your withdrawal.
step 2: Visit the UAN portal and log in with your UAN and password. Enter the captcha and proceed to sign in.
step 3: Go to the ‘Online Services’ tab at the top, drop-down menu and click on the option ‘Claim (Form-31, 19 and 10C)’.
step 4: This will take you to a new page with all the member details, KYC details etc. Enter your bank account number and click ‘Verify’. Then you have to fill the reason for leaving the services of PF.
Step 5: A pop-up titled ‘Certificate of Undertaking’ will appear. Click ‘Yes’.
Step 6: Again go to the drop-down menu and select ‘I want to apply for’ option and from there select ‘Only PF Withdrawal (Form 19)’ option.
Step 7: Fill in the ‘Full Address’ section and upload the scanned copies of your passbook or cheque.
Step 8: Select the tick option on the disclaimer and click on the option ‘Get Aadhaar OTP’. From there, fill the OTP received on your registered and linked mobile number. After that submit the application form.
Step 9: After submitting this form follow the same steps and submit ‘Form 10C’ through the portal. The amount requested by you should be credited to your registered bank account within 15 to 20 days.
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