Government of India has launched an EPFO portal for the benefit of employees. Employee Provident fund is a scheme instated by the Government of India as per the Employee provident Fund Act of 1952 wherein you and your employer contribute a specific amount each month. A Universal account number(UAN) is allotted to individuals which remains the same even when he/she changes the organization. UAN number is extremely useful to check PF details. Visiting the EPFO e-SEWA portal gives one the complete information about the PF.
The facility of withdrawing the PF is available to employees in case of financial need. An employee can use the funds to meet the financial needs if it arises. It could be for an emergency situation, for children’s education, for wedding preparations, for home renovation, to purchasing a property etc. So, instead of availing a loan, withdrawing PF in part or full will be of help to them.
To withdraw the funds from the account-keeping Universal account number comes handy. According to the norm layout by the Employee provident fund, the employee must contribute 12% of their basic pay every pay. The same amount is contributed by the employer as well. Annually the amount earns interest. Premature withdrawals can be made on meeting certain conditions which are explained in this article.
Procedure for EPF withdrawal
PF can be withdrawn via online and offline methods with the help of UAN number.
By submission of application form :
The application form for PF withdrawal can be downloaded from the EPFO website. The form can be filled and submitted to the respective jurisdictional EPFO office without the attestation of the employer.
Submitting form online – The online facility of withdrawal of PF is quick and hassle-free thus making it convenient for individuals. The time consumed is comparatively very less. However, the following conditions need to be met for online withdrawal of PF.
- The UAN is activated and the mobile number is in working condition.
- The UAN should be linked to the KYC i.e Aadhaar, PAN and the bank details along with the IFSC code.
Below are the steps to withdraw the EPF online.
- Visit the UAN portal.
- Log in with the UAN and password and enter the captcha.
- Click on the tab “Manage” and select KYC to check whether your KYC details are correct and verified.
- On verifying the details click on “Online Services” and select the option of “Claim” from the drop-down menu.
- The new screen will display the member details, KYC details and other service details. Enter the last four digits of the bank and click “Verify”.
- Click on “Yes” to sign the certificate of the undertaking and then proceed.
- Now click on “Proceed for Online Claim”.
- Now select the claim you require i.e part withdrawal, full EPF settlement or pension withdrawal from the tab “I want to Apply For”. If the member is not eligible for withdrawal, then this option will not be shown in the drop-down menu.
- Select “PF Advance” to withdraw the fund. Enter details of the purpose of such advance, the amount required and the address.
- Click on the certificate and submit your application.
- Click on the certificate and submit your application.
It may ask to submit scanned documents for the purpose of the filled form. Employer will have to approve the withdrawal request post which one will receive money in the account.
75% of the EPF balance can be withdrawn after one month of unemployment and the remaining 25% can be withdrawn after two months of unemployment.
EPF withdrawal Claim Form
The form that is required to be submitted vary depending on the age, the reason for claiming and whether or not the employee is still working For partial withdrawal or final settlement claim, employees will have to present the Composite Claim.
The Composite claim form needs the Aadhaar details of the employee. Attestation of the employer is not required with the submission of the Composite form.
When an individual is applying for the PF withdrawal, he/she will have to provide the below-mentioned documents:
- Identity Proof
- Address Proof
- Composite claim form
- Two revenue stamp
- Personal information such as father’s name, date of birth etc matching with the identity proof.
- One blank and cancelled cheque with IFSC code and account number.
- Bank statement that should be in the name of PF holder.
Login to the EPFO portal is done via using UAN and password. The password can be reset via OTP sent to the registered mobile number.
Services offered by EPFO
Below are the services offered by the EPFO:
- Transfer of PF from one account to another
- Online payments of the PF amount
- Online PF withdrawal
- Grievance redressal
- Online checking of claim status
- Universal account number
- Checking PF balance through Missed calls and SMS
- Downloading and viewing of EPF passbook
- Certificate for International workers
Helpdesk of EPFO UAN Help Desk
There is a separate portal for all queries related to UAN. A subscriber can avail the services of the portal and provide certain details such as UAN, Aadhaar number and PAN. The help desk provides assistance with almost all EPF and UAN related issues.
Points to remember while registering the account
- Only one mobile number is allowed for registration.
2. A single employer is allowed to view only one account.
3. Registration is mandatory for viewing the EPF account passbook.
4. For a separate account, mobile number and ID proof is necessary. A new login ID and password is required.
5. Under different establishments, a maximum of 10 accounts can be viewed.
Benefits of Universal Account Number –
- It ensures all PF accounts of the employee are genuine.
2. It facilitates online withdrawal and transfers when one changes job.
3. Helps tracking of the change in the job of the employee.
Latest feature of EPFO includes the updation of the date of exit for the previous organizations they have worked with, making it easier to make the claim process smoother. The online feature is a step taken in that direction.
Employee will be able to update the date of exit for the previous organisations they have worked with. This will assist the employees ease the notification to make claims. This facility was earlier limited to only employer. In the case of unemployment for more than two months or in case of changing jobs, the facility will be of great help to the individuals. Employers faced great trouble while updating the portal. This new feature will make employees less dependent on employer for the updation.
With so many features and benefits that can be availed by simply creating an account and utilizing the facility to their benefit. The time consumed to perform these operations is comparatively way less than the traditional method. The website is extremely user friendly and performs all operation in a completely hassle-free way.