The EPF (Employees’ Provident Fund), also known as PF (Provident Fund), is a mandatory savings and pension scheme for employees. This fund is set up as a corpus fund that these employees can fall back on after they retire. According to the guidelines of the EPF, the employee must pay 12 percent of his base salary into this fund every month. The employer will also bring in a mirror amount. The balance on the PK account is gradually accrued annually. This amount can be withdrawn in part or in full, depending on some conditions to be met. These can be professional or awkward situations.
Conditions for the withdrawal of PF accounts
A person’s PF amount can be withdrawn in whole or in part. To withdraw this amount in full, the person must either be retired or unemployed for more than two months. In this way, the amount can be withdrawn until it is confirmed by an official authority.
A partial withdrawal, on the other hand, has to meet several benchmarks. The reason can range from marriage to education, land or house purchase, renovations, home loan repayments, Covid-19 to early retirement. All of these reasons for leaving must be at least 5 to 7 years, with the exception of early retirement, where the employee must be at least 54 years old.
The withdrawal process
Offline payout
All you need to do is download the compound application form (aadhaar) or the compound application form (non-aadhaar) and submit the completed form to withdraw the funds. For the composite application form (Aadhaar) you must have saved the Aadhaar number and the bank details with the respective account. It must also be activated via the portal. The composite application form (non-aadhaar) is provided in the event that the bank and aadhaar data are not set as mentioned.
After completing the form, you must submit it to the relevant EPFO office with the employer’s certificate.
Online payout
The online function makes the process much leaner and less time-consuming for employees. Here are the steps.
Step 1: Make sure that the Universal Account Number (UAN) is activated and linked to a registered mobile number. Also make sure that it is pleasing with your KYC i.e. bank details, Aadhaar and IFSC code. If these conditions are met, the employer does not have to certify the papers for your departure.
Step 2: Go to the UAN portal and log in with your UAN and password. Enter the captcha and continue with the registration.
Step 3: Go to the “Online Services” tab at the top of the drop-down menu and click the “Claim (Form-31, 19 & 10C)” option.
Step 4: This will take you to a new page with all member details, KYC details, etc. Enter your bank account number and click ‘Confirm’. Then you need to provide the reason for leaving PF’s services.
Step 5: A pop-up window with the name “Registration Certificate” appears. Click on ‘Yes’.
Step 6: Go to the drop-down menu again and select the “I want to submit an application” option and then select the “PF payout only (Form 19)” option.
Step 7: Complete the “Full Address” section and upload scanned copies of your passbook or check.
Step 8: Select the check mark in the disclaimer and click on the ‘Get Aadhaar OTP’ option. Enter the OTP that you received on your registered and linked mobile phone number. Then submit the application.
Step 9: After submitting this form, follow the same steps and send “Form 10C” via the portal. The amount you requested should be transferred to your registered bank account within 15 to 20 days.
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