Under the new provision in the Employee Provident Fund Scheme 1952,
It will enable a member of the EPF, who is no longer in employment for a continuous period of one month, can withdraw 75% of the total fund standing to his or her credit in the PF account.
The subscriber will now have an option to withdraw the rest of the 25% of their funds after the completion of two months of unemployment.
Under the existing provision in the Employee Provident Fund Scheme 1952,
It was proposed that the members will allow taking 60% of funds after 1 month. But, Central Board of Trustees raised the limit to 75% in June 2018.
The EPFO members are entitled to withdraw their entire balance after two months of unemployment.
How to withdraw 75% of EPF money from PF Account
The EPFO announced that its members can now withdraw 75% of their funds after one month of unemployment and maintain their PF account with the body.
A process to withdraw 75% money from EPF account:
Step-1: Sign in to the UAN Member Portal with your UAN and Password.
Step-2: From the top menu bar, click on the "Online Services" tab and select "Claim(Form-31,19 & 10C)" from the drop-down menu.
Step-3: The next page will show Members Details, KYC Details and Service Details. Click the "Proceed for Online Claim" button.
Step-4: You will redirect to the Claims Sections. You will find more details such as PAN, Mobile Number, UAN etc. Choose the type of claim-withdraw PF only or withdraw Pension only.
Step-5: Fill out the claim form carefully. Once completed, an OTP will send to your registered mobile number enter the OTP in the form, will initiate the withdrawal claim.
When the claim form is successfully submitted, an SMS notification will send to your registered mobile number.
Once the claim has proceeded, the amount will transfer to your bank account.
At the time of filing an online withdrawal claim, you will find three options:
PF Withdrawal-Form 19
Pension Withdrawal- Form 10C
PF Advance- Form 31
Composite Claim Form
When applying for the withdrawal offline, you require to fill out the Composite Claim Form which serves the purpose of three forms:
19 - For Final PF Settlement
10C- For Pension Withdrawal
31- For Part Withdrawal of PF Amount
The composite claim form has categorized into two: Aadhaar and non-Aadhaar.
Aadhaar-Based Composite Form
The employee who is willing to submit the claim online using the Aadhaar composite claim form, their UAN needs to activate and seeded with the details of your bank account number, PAN, Aadhaar and verified by the employer.
Fill up the form and submit it online. No need of the employer's intervention for this as the EPFO will already have your details including the date of exit that requires to update by the employer monthly.
In case the details don't match this process you will need to reach out the employer.
non-Aadhaar Based Composite Form
It can be used by the employee who has not seeded Aadhaar and activated their UAN yet.
This form to have signed by you and attested by your employer.
The employer will submit this form with the EPF office. It should take about two weeks for settlement to go through.
To follow our previous HRAPP blog please check the below link:
HRAPP is an intuitive cloud-based HRMS solution with a complete suite of features. We want to disrupt the HR Tech Space for better and equip HRs and employees with an end-to-end platform that is as interactive as social media, yet powerful enough to handle all HR tasks effortlessly.
Public Provident Fund (PPF) scheme is a popular long-term investment option which offers safety with attractive Interest Rate and returns that are fully exempt from Tax. The investor can start with a minimum investment of 5000 to a maximum of 150000 in a financial year and can avail other facilities like withdrawal, loan, an extension […]
Meaning: Employee Provident Fund(EPF)is an employee benefit scheme generally prescribed by a statutory body of the Government which provides facilities to the employees of an organization. With regard to Medical Assistance Retirement Education of Children Insurance Support Housing Under the EPF scheme, an employee has to pay a certain contribution towards the scheme and an […]
Registration of beneficiaries under PMRPY scheme expires on 31st March 2019. Registration may not be possible after 1st April 2019. About PMRPY Benefit Scheme PMRPY-Pradhan Mantri Rojgar Protsahan Yojana launched on 9th August 2016 with an objective to incentivize employers for the creation of employment. Under the scheme, the Government paying full employers' contribution of […]
Sign up now for Remote Employee Monitoring Solution
Remote employee monitoring, including time tracking, is a vital tool in a business’s drive to be successful and productive. Whether it’s a permanent move or if you’re transitioning to remote work temporarily in an effort to limit exposure to COVID-19, monitoring can take the assumptions out of distributed teamwork.