PF Withdrawal Rule 2021: Here's a step-by-step guide to help you withdraw money from your EPF account online
New Delhi | Jagran Business Desk: In a decision which will benefit thousands of middle class people across the country, the Employees' Provident Fund Organisation (EPFO) has allowed the withdrawal or transfer of Employees' Provident Fund (EPF) online through its website. The announcement was made by the EPFO on its official Twitter account.
What is EPF and how does it work?
Employees Provident Fund (EPF) is a scheme in which retirement benefits are accumulated. It covers every establishment in which 20 or more people are employed. Some organisations are also covered under EPF subject to certain conditions and exemptions even if they employ less than 20 persons each.
Under the scheme, an employee has to pay a certain contribution towards the scheme, and an equal contribution is paid by the employer. The employee gets a lump sum amount including self and employer's contribution with interest on both. The contribution paid by the employer is 12 per cent of basic wages plus dearness allowance plus retaining allowance. An equal contribution is payable by the employee as well.
The EPF offers people savings, pension, and insurance benefits. A worker is entitled to withdraw the complete amount from his EPF account at the time when he or she retires and stays unemployed for more than two months. As per the EPFO, a partial withdrawn can be done in some cases too including marriage, house renovation, calamity, and medical illness.
Here is how you can transfer money from EPF online:
1. Search for ‘Unified Member Portal’ on Google and click on the first search result. Enter Universal Account Number (UAN) and password to login.
2. Now click on ‘Online Services’ followed by ‘One Member - One EPF Account (Transfer Request)'.
3. Check and verify ‘Personal Information’ and ‘PF Account’ for present employment.
4. Click on ‘Get Details’ - PF account details of previous employment would appear on the screen.
5. You will have the option of choosing between the previous employer or current employer. Choose either for attesting the form.
6. Click on ‘Get OTP’. You will receive an OTP on your registered mobile number. Enter it and click on ‘Submit’.
After you submit the OTP, scanned documents of the purpose for which you have filled the claim form need to be uploaded. After this, the employer will digitally approve the EPF request. It can take 15 to 20 days for the money come to your account.
Posted By: Sugandha Jha