Sunday, 16 December 2018

PF Withdrawal - Online PF withdrawal procedure

PF ( Provident Fund ) or EPF is likewise called the Employee Provident Fund Scheme. It is one where the workers contribute a little segment of their compensation i.e. 12% of their essential pay each month. A coordinating sum is contributed by the business. Such a commitment, together, frame a corpus. This is to be utilized to finance the worker's retirement. EPF withdrawal by representatives can, in any case, be done prior itself i.e. over the span of their work. Such conditions have been explained later in the article. Peruse our different articles on PF Claim Status, PF Balance Check, PF Transfer, and PF Payment. Here, it is pertinent to make reference to that EPF association has made the distribution of UAN i.e. the Universal Account Number necessary for every one of the representatives secured under the PF Act. UAN would be connected to the representative's EPF account. The UAN stays compact all through the lifetime of a worker and there is no compelling reason to apply for EPF exchange at the season of evolving occupations.

EPF WITHDRAWAL


1.When can EPF be withdrawn:-

PF ( Provident Fund ) or EPF is additionally called the Employee Provident Fund Scheme. It is one where the workers contribute a little part of their compensation i.e. 12% of their fundamental pay each month. A coordinating sum is contributed by the business. Such a commitment, together, frame a corpus. This is to be utilized to subsidize the representative's retirement. EPF withdrawal by representatives can, in any case, be done prior itself i.e. over the span of their work. Such conditions have been explained later in the article. Peruse our different articles on PF Claim Status, PF Balance Check, PF Transfer and PF Payment. Here, it is applicable to specify that EPF association has made the assignment of UAN i.e. the One may pull back EPF totally or in part. EPF can be totally pulled back under any of the accompanying conditions: 

a. At the point when an individual resigns from work 

b. At the point when an individual stays jobless for a time of 2 months or more. Here, it needs a notice that the way that the individual is jobless for over 2 months must be ensured by a gazetted officer. Further, entire withdrawal of EPF while changing over starting with one employment then onto the next without staying jobless for 2 months or more(i.e. Amid the break time frame between evolving occupations), will be against the PF tenets and directions and in this way illicit. Fractional withdrawal of EPF should be possible in specific situations and subject to certain recommended conditions which have been examined in a word below: Universal Account Number obligatory for every one of the representatives secured under the PF Act. UAN would be connected to the representative's EPF account. The UAN stays compact all through the lifetime of a representative and there is no compelling reason to apply for EPF exchange at the season of evolving employments.


Sl NoParticulars of reason for withdrawalLimit for withdrawalNo of years of service criteriaOther conditions
1MarriageUp to 50% of employee’s share of contribution to EPF7 yearsFor the marriage of self, son/daughter, brother/sister
2EducationUpto 50% of employee’s share of contribution to EPF7 yearsFor the education of either himself or his children after class 10
3Purchase of land / purchase or construction of a houseFor land – upto 24 times of monthly wages plus Dearness allowance

For house – upto 36 times of monthly wages plus Dearness allowance
5 yearsThe asset i.e. land or the house should be in the name of the employee or spouse or Jointly.
4Home loan repaymentUpto a maximum of 90 %, from both employee’s contribution and employer contribution in Employee Provident Fund.10 yearsi. The property should be registered in the name of the employee or spouse or jointly

ii. Withdrawal permitted subject to furnishing of requisite documents as called for by the EPFO relating to the housing loan availed,

iii. The accumulation in the member's PF account (or together with the spouse), including the interest, has to be more than Rs 20,000.
5Renovation of houseUp to 12 times of the monthly wages5 yearsThe property should be registered in the name of the employee or spouse or jointly.
6A little before retirementUpto 90% of accumulated balance with interestOnce he reaches 57 years ( as per recent amendment)For himself

2.Procedure for EPF withdrawal:-


Broadly, withdrawal of EPF can be done either by:
  1. Submission of a physical application for withdrawal
  2. Submission of an online application

a.Submission of a physical application:-

For this, one can download the new composite case (Aadhar)/composite case frame (Non-Aadhar) from here : 

EPFO Portal, epf transfer, Epf withdrawal

The new composite case frame (Aadhar) can be filled and submitted to the separate jurisdictional EPFO office without the verification of the business though, the new composite case shape (Non-aadhaar) will be filled and submitted with the validation of the business to the particular jurisdictional EPFO office. One may likewise take note of, that if there should be an occurrence of incomplete withdrawal of EPF sum by a representative for different conditions as examined in the above table, as of late, the necessity to outfit different endorsements has been discarded and the choice of self-confirmation has been presented for the EPF supporters. (For subtleties, you can allude arrange dated 20.02.2017 of the EPFO by clicking here)

2. Submission of an online application:-

Strikingly, the EPFO has as of late thought of the online office of withdrawal which has rendered the whole procedure less demanding and less tedious. Essential: To apply for withdrawal of EPF online through EPF Portal, ensure that the accompanying conditions are met: 

  1. UAN (Universal Account Number) is actuated and the portable number utilized for initiating the UAN is in working condition 
  2. UAN is connected with your KYC i.e. Aadhaar, PAN and bank subtleties alongside the IFSC code. 

On the off chance that the above conditions are met, the prerequisite of an authentication of the past manager to complete the procedure of withdrawal should be possible away with.

Steps to apply for Online EPF withdrawal:


Stage 1: Go to the UAN gateway by clicking here 
  
UAN Login

Stage 2: Login with your UAN and secret phrase and enter the captcha. 

Stage 3: Then, tap on the tab 'Oversee' and select KYC to check whether your KYC subtleties, for example, Aadhaar, PAN and bank subtleties are right and confirmed or not. 

PF KYC

Stage 4: After the KYC subtleties are checked, go to the tab Online Services' and select the alternative 'Guarantee' starting from the drop menu. 

PF Claim


Stage 5: The 'Guarantee' screen will show the part subtleties, KYC subtleties and other administration subtleties. Tap on the tab 'Continue For Online Claim' to present your case shape. Stage 6: In the case frame, select the case you require i.e full EPF Settlement, EPF Part withdrawal (advance/advance) or benefits withdrawal, under the tab 'I Want To Apply For'. In the event that the part isn't qualified for any of the administrations like PF withdrawal or benefits withdrawal, because of the administration criteria, at that point that alternative won't be appeared in the drop-down menu.

PF Withdrawal

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