Withdrawal of the EPF can be claimed by an employee on account of unemployment or retirement from service after attaining 58 years of age.
A employee provident fund (EPF) is a mandatory retirement savings scheme which is managed by the government. An EPF includes a portion of the employee’s salary and a similar contribution from the organisation.
Withdrawal of the EPF can be claimed by an employee on account of unemployment or retirement from service after attaining 58 years of age. As per the existing EPF rule, an employee can withdraw the full PF balance if he quits his/her job before the retirement age and remains unemployed for 60 days or more.
People willing to withdraw their PF amount can make a claim either by submission of a physical application for withdrawal or by an online application. You must remember that you can claim online withdrawal only if your Aadhar is linked to you Universal Account Number (UAN) and you previous PF accounts should also be merged into one. Lets take you through the steps on how to withdraw PF online:
1. Step 1
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Visit the official website of Employees' Provident Fund Organisation by clicking on unifiedportal-mem.epfindia.gov.in/memberinterface/. Now login using you UAN and password.
2. Step 2
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Click on the ‘Manage’ option and select KYC to check if you KYC details such as Aadhar number, PAN and bank details are correct and whether they are verified or not.
3. Step 3
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Now click on the ‘Online Services’ option. From the drop-down menu select ‘Claim (Form-31, 19 & 10C)’ option. The screen will now display the KYC details, member details, and other service details. You will be required to fill the last four digits of you bank account and then click on ‘Verify’.
4. Step 4
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In the next step click on the ‘Yes’ option to sign the certificate of undertaking and then click on ‘Proceed for Online Claim’ option.
5. Step 5
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Under the tab of ‘I Want To Apply For’ select the option you require in the claim form, i.e, ‘Full EPF settlement’, ‘EPF part withdrawal (loan/advance)’ or ‘pension withdrawal’.
6. Step 6
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Select the option ‘PF advance (Form 31)’ to withdraw your fund. You will need to provide details like the amount required, the purpose of such advance and the employee’s address.
7. Step 7
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Click on the certificate and submit your application. You can also be asked to submit scanned documents. The withdrawal will have to be approved by the employer after which you will receive the money in your bank account.
