PF Withdrawal Gets Easy, EPFO Members Can Withdraw 75 Per Cent Fund After Quitting Job; How to Apply
Under revised rules, subscribers of EPFO will now be able to withdraw 75 per cent of his PF amount after one month from the date of termination of his or her service.
New Delhi, Jun 27: The Employees Provident Fund Organisation (EPFO) on Tuesday relaxed rules for withdrawal of Employees' Provident Fund amount or PF, giving its subscribers an option to withdraw 75 per cent of their funds after one month of unemployment and keep their PF account with the body.
Under revised rules, subscribers of EPFO will now be able to withdraw 75 per cent of his PF amount after one month from the date of termination of his or her service. Employees can withdraw remaining 25 per cent of their funds after completion of two months of unemployment.
The existing rules allow a subscriber to withdraw his or her funds after two months of unemployment and settle the account in one go in case of unemployment. It was proposed that the members would be allowed to take 60 per cent of funds as advance on unemployment for not less than 30 days.
However, EPFO’s Central Board of Trustees raised the limit to 75 per cent. “We have decided to amend the scheme to allow members to take advance from its account on one month of unemployment. He can withdraw 75 per cent of its funds as advance from its account after one month of unemployment and keep its account with the EPFO,” Labour Minister Santosh Kumar Gangwar said.
How to Apply For PF Withdrawal:
Broadly, withdrawal of PF amount can be done either by:
Submission of a physical application for withdrawal - You can download the new composite claim (Aadhar)/ composite claim form (Non-Aadhar) from here.
Submission of an online application - Follow below steps to submit PF withdrawal form online:
Step 1: Visit the UAN portal by clicking here
Step 2: Login with your UAN and password and enter the captcha
Step 3: Then, click on the tab ‘Manage’ and select KYC to verify details
Step 4: Click on Online Services’ tab and select the option ‘Claim’ form the dropdown menu
Step 5: Check all the details and then click on the tab ‘Proceed For Online Claim’ to submit your claim form
Step 6: Select the claim you require i.e full EPF Settlement, EPF Part withdrawal (loan / advance) or pension withdrawal, under the tab ‘I Want To Apply For’.
(The above story first appeared on LatestLY on Jun 27, 2018 08:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).