EPF withdrawal: The Employees' Provident Fund Organisation (EPFO) last week announced that its members can now withdraw 75 per cent of their funds after one month of unemployment and maintain their PF account with the body.
EPF withdrawal: The Employees’ Provident Fund Organisation (EPFO) last week announced that its members can now withdraw 75 per cent of their funds after one month of unemployment and maintain their PF account with the body. The retirement fund body also gave an option to its members to withdraw the remaining 25 per cent of their fund after two months of unemployment.
“We have decided to amend the scheme to allow members to take advance from their account on one month of unemployment. They can withdraw 75 per cent of the funds as advance from their account after one month of unemployment and keep the account with the EPFO,” Labour Minister Santosh Kumar Gangwar, who is also the Chairman of EPFO’s Central Board of Trustees, told reporters after the trustees’ meet here.
The minister was of the view that this new provision would give an option to the members to keep their account with the EPFO, which they can use after regaining employment again.
What is the process to withdraw 75% money from 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 Member Details, KYC Details and Service Details. Click the ‘Proceed for Online Claim’ button.
Step 4- You will be redirected to the Claims Section. 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 be sent to your registered mobile number which, when entered in the form, will initiate the withdrawal claim. When the claim form is successfully submitted, an SMS notification will be sent to your registered mobile number. Once the claim is processed, the amount will be transferred into your bank account,” says Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.
At the time of filing an online withdrawal claim, you will find two options-
– Only PF Withdrawal- Form 19
– Only Pension Withdrawal- Form 10C
Composite Claim Form:
When applying for the withdrawal offline, you are required to fill out the Composite Claim Form which serves the purpose of three forms- Form 19 (For Final PF Settlement), Form 10C (For Pension Withdrawal) and Form 31 (For Part Withdrawal of PF amount).