Are you working in a corporate organization with more than 20 employees? If you are – then you should definitely know more about the employee provident fund – because a part of your salary is without a doubt going towards the PF. Or, if you are someone who is going to join an organization with more than 20 employees – you can learn about PF here.
We have got to know what every penny of our hard-earned money goes towards – that is why it is crucial that you know this. But first things first – here, look at what the employer provident fund really is.
What is the Employer Provident Fund?
A provident fund is a mandatory, government-managed retirement savings system that is popular in Singapore, India, and other emerging countries. In some aspects, these funds resemble a cross between 401(k) plans and Social Security in the United States. They also have varied characteristics in common with employer-provided pension funds.
You as an employee contribute a portion of your salaries to the provident fund, and employers must contribute on your behalf. The funds are then stored and administered by the government before being retrieved by retirees or, in some countries, their surviving families. In rare circumstances, the fund also provides assistance to the disabled who are unable to work.
It is a plan in which paid employees invest during their working lives and get the rewards after retirement. It is a mandatory, government-managed retirement savings system for employees, who can contribute a portion of their earnings to their pension fund on a monthly basis.
EPFO monitors the entire process (Employees Provident Fund organization). If a company with more than 20 employees is eligible for PF and must register with the EPFO.
By now, if you have been contributing for years into your PF account but are thinking about how you can withdraw your PF amount – here is how.
How to Withdraw PF?
Do you want to withdraw your PF money? There are ways to do that.
1. You can Do this Offline
In order to get this done, you need the PF withdrawal form – which is a physical application that will get you through offline. Download the new composite claim form to withdraw your balance.
If you have seeded your Aadhaar number and bank account details on the UAN portal and your UAN is enabled, use the Composite Claim Form (Aadhaar).
Fill in the form and submit it to the appropriate jurisdictional EPFO office without the employer’s attestation.
There is also another form that you could choose – the composite claim form for non-Aadhaar to withdraw your balance.
If your Aadhaar number is not seeded on the UAN system, you can utilize the Composite Claim Form (Non-Aadhaar).
Duly fill out the form and submit it to the appropriate jurisdictional EPFO office, together with the employer’s attestation.
2. You can just do this from wherever you are (which means online)
The EPFO has developed an online withdrawal service, which has made the entire process more convenient and less time-consuming.
Pointer:- Make sure you have your UAN number.
Here is the process of withdrawing your PF balance just with the help of the internet.
Step 1: You need to navigate straight to the UAN portal.
Step 2: As mentioned already, you will have to log in with your UAN and password – make sure you enter the captcha right.
Step 3: To verify whether your KYC details, such as Aadhaar, PAN, and bank details, are verified, go to the ‘Manage’ page and click ‘KYC.’
Step 4: Once the KYC data has been verified – move straight to the ‘Online Services’ tab and click on ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
Step 5: The next pop up will display the member’s information, which is your number’s info, and other service info. Enter your bank account number and press on the ‘Verify’ button.
Step 6: Click on the option that says yes to sign on the certificate of the undertaking and proceed.
Step 7: Now, select ‘Proceed with Online Claim.’
Step 8: Under the tab ‘I Want To Apply For’ on the claim form, select the claim you desire to, which is full EPF settlement, EPF portion withdrawal (loan/advance) – it could be any, or even pension withdrawal. If you are ineligible for any of the services – such as PF withdrawal or pension withdrawal because of service criteria, that choice will not be displayed in the drop-down menu.
Step 9: Then, to withdraw your fund – select ‘PF Advance (Form 31). Include the need of the advance – the amount needed, and your address details.
Step 10: Give your application by clicking on the certificate option. You would also be required to submit the scanned docs for the need for which you filled out the form. Only you will receive money in your account if your employer approves the withdrawal request. It typically takes 15-20 days for the funds to be credited to the bank account.
You do not have to think anymore about easily withdrawing your PF balance – it isn’t that hard, is it? Now that you know how to do it online and offline – you can choose the option that suits you the most.