The Employee Provident Fund is a government-sponsored scheme, in terms of the Providers’ Funds, where you and your employer contribute a certain amount every month. That money is invested every month, it helps for build your future after retirement. your PF account will always change, while you start working in a new organization, your EPF account, identified by your Universal Account Number (UAN) will not change. UAN never changes whenever you change any company/Organization. This 12-digit UAN is very useful, it is needed when you need to check EPF data. If you want to know your EPF balance or want to track contribution added by your employer, you can check by UAN, using the EPFO website, the mobile app, and SMS by signing in with your UAN. You can make a withdrawal claim by completing the EPF withdrawal form online. ( Online EPF Withdrawal Process ) It must be accompanied by proof of identity.
Documents Required for online process withdrawal:-
No more documents are required when applying for PF-withdrawal. If u are applying for online claim EPF ,u need only-
*Bank Passbook scanned copy ( Bank account passbook that is linked with UAN)
Personal details such as father’s name, date of birth, etc. Must be accompanied by proof of identity
If an employee withdraws his or her PF amount before 5 years of continuous service of any organization, he or she is obliged to submit ITR 2 and 3 forms to prove detailed violations of all amounts deposited into the PF account annually.
EPF Withdrawal Online Process:-
Follow the steps given below to complete the EPF withdrawal form online:-
Step 1- Log in to the UAN Member Portal with your UAN and password.
Step 4-Click on ‘Yes’ to sign the certificate of performance and proceed
Step 5- Now click on the ‘Continue with Online Claim’ option
Step 6 Select ‘PF Advance (Form 31)’ to withdraw your money online
Step 8 – Tick the certificate and submit your application
Step 9 – You may need to submit the scanned documents according to the purpose for which you completed the form.
Step 10 – Your employer must approve your withdrawal request after which the money will be deducted from your EPF account and deposited into the specified bank account the time of completing the withdrawal form.
An SMS notification will be sent to your mobile number registered with EPFO. Once the request has been processed, the amount will be transferred to your bank account. Although no time limit has been set for EPFOs, payments are usually transferred within 15 to 20 days.
Conditions of Eligibility for EPF Withdrawal
The following are the conditions that an employee must meet in order to withdraw from the EPF-
*The money from the EPF account can only be withdrawn after retirement. EPFO is looking to retire just before a person is 55 years old
*The partial withdrawal of EPF is only allowed in the case of medical emergency, home purchase or construction, or higher education.
*EPFO allows 90% withdrawal of the total 1 year before retirement.
*A person can resign from EPF if he or she faces unemployment prior to retirement due to closure or retrenchment.
*Under the new law, only 75% of companies can be withdrawn after 1 month of inactivity. The rest will be transferred to a new EPF account after getting a job.
*Employees do not need to wait for permission from their employer to withdraw their EPF. By linking UAN and Aadhar to your EPF account, you get online approval.
*When making an online claim, you must be-Active UAN number
Bank details linked to UAN.
*The PAN and Aadhar data are entered into the EPF database.
How Can You Assess the EPF Claiming Status?
EPF withdrawals can be made through the UAN member’s website. The member must first activate their UAN and log in to the portal to download it online. The site can also be used to transfer money from his old PF account to a new account. Other online services such as eKYC, contact details, etc. They can be done through this site.
The status of the EPF withdrawal can be viewed online on the EPF member’s portal. You must log in to the online portal and select ‘Track Claim Status’ in the ‘Online Services’ section. Note that you will not enter any reference number to check the status; will be displayed on the screen automatically.
Benefits of EPF Online Withdrawals:-
Making an EPF online withdrawal claim has many benefits, some of which are listed below-
*The online process of seeking EPF withdrawal saves you from the hassle of visiting the PF office itself and standing in a long line.
*By filing an online claim, the amount will be processed and credited to your bank account within 15 to four days of the request. This term of office will also be reduced according to government plans.
*No need to visit a previous employer to verify- Unlike offline claims, where you have to have your employer certified documents, online claims are automatically verified. This is especially helpful for people who have moved to a new city because it saves them the hassle of sending mail or traveling long distances.
EPF Limitations Withdrawal:-
Employees may withdraw their EPF company only subject to the following conditions-
*Building / Buying a Home
*An employee must work continuously for 5 years
*Only the PF account holder, and his or her partner can apply for withdrawal
*Repayment of your home loan
*Renovation of the house
*Marriage ( self,Son/Daugter)
Points to Consider Before Applying for an EPF Withdrawal:-
*A Fund issued within 5 years of operation is taxable
*If you change your job, then you do not need to remove your PF account; you must transfer your PF value to a new account instead
*You are not allowed to extract your PF balance of work from where you currently work
*PF or loan withdrawals are limited only under certain circumstances
*Before applying for an EPF withdrawal, you must-
1-Update your Aadhar portal number for UAN
2-Get your Aadhar approved by your employer
3-Link your Aadhar to UAN
*Complete the EPF withdrawal form online
*A person can withdraw 90% of his or her remaining PF after the age of 54
- घर से कमाई करने के 5 तरीके हैं, ( Earn from work at home)
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