learn How to make PF withdrawal using online portal.EPf or Employee Provident Fund is a system which is administered by EPFO. EPFO is a statutory body which is governed by labor ministry. The system helps employees save the small amount of money every month and can build it for the purpose of securing their retirement. EPFO is a long term saving tool which is mainly aimed for stress-free retirement.
There are also provisions to withdraw the EPF amount when the person feels there is any urgent need. All the organization who have more than 20 employees should register along with EPFO. To make sure that employees get perfect support, employees should understand how to use the account and how it is operated.
pf withdrawal process without employer signature
Majorly there are two elements included in EPF; one is provident fund and the other is employee pension scheme which was introduced in 1995. In this scheme, each participant contributes 12% of his basic pay to the provident and same amount of money is deposited by the employer to employees account. From that 8.33% is contributed to EPS and rest to the provident funds. The pension amount on retirement is calculated with the number of years of service and the average salary of the employee at the time of retirement. EPF scheme is extremely beneficial for your retirement life as you save the good amount of money for you retired life.
Another benefit this scheme is your family is entitled to the pension if you pass away. You can also link your EPF to the insurance scheme. The name of this scheme is EDLI(Employee Deposit Linked Insurance). In this scheme, 0.5% of your monthly basic pay is deposited as a premium for the life insurance cover. Another biggest benefit of investing in EPF scheme is you can withdraw you EPF money in cases of financial emergency. There are certain conditions and limit for the withdrawal but you can get the money instantly.
Transfer and PF withdrawal
Transferring or withdrawing your EPF funds online is a reality now. Online transfer of the EPF funds is a small initiative taken by EPFO. In earlier days withdrawing funds was a herculean task. The online system has reduced the hassles considerably. Another problem with EPF account was with the multiple EPF accounts of an employee. In today’s job sector working at a single employer has become the past. People change multiple jobs in one career span. In earlier days changing their employer for the EPF account was very difficult. Today due to the online portal one can change his or her EPF account without any pressure. One does not need multiple EPF accounts but can easily transfer the EPF balance through UAN.
The EPFO has launched their UAN app which is an extremely beneficial for the employees. You need to have your universal account number and password to operate UAN portal. You can get your UAN id and password from your employer or EPFO. Once you receive your UAN id and password you can register to the UAN portal. You can also register your phone number to the UAN portal. UAN portal is a one-stop solution for all your requirement regarding your EPF account. At UAN portal you can view your EPF balance, withdraw it or transfer it. The online portal has completely changed the way of EPFO’s working. This online portal has completely reduced the false undertaking and unemployment issues in the job sector. You can anytime register to the UAN portal.
PF Withdrawal forms
Form 31 partial withdrawal before retirement
FORM 10C EPS Pension amount withdrawal
old pf forms are now outdated. just download the latest forms from below epfindia.gov.in
EPF Composite claim forms
Advantages offered by online pf withdrawal
There are many benefits offered by registering to UAN portal. One of the major benefits is online portal has made the process of pf withdrawal or transfer significantly transparent. You can easily apply for transfer or withdrawal or even track your application just by a single click. You can get all the EPFO service at your desk. The accurate tracking has significantly increased the accountability of this scheme.
The process of application is much faster at online portal than the conventional EPFO office. With the help of UAN portal, you can expect your EPF transfer or withdrawal in max 2 weeks. The online portal has made this process significantly time-saving. Usually after changing job employer becomes reluctant to do the paperwork with him. But now it has become employer’s responsibility to respond and cooperate in the process. As it is an online application there are least chances of errors which make the process so fast.
Process of EPF claim or PF withdrawal
- The initial step of withdrawing or transferring your EPF funds is to check the eligibility for online transfer. To do this your organization must register their digital signature to the portal. The employer, as well as employee, needs to register his or her digital signature to the portal.
- Once you register you account on the online portal you can fill the application form for the transfer or withdrawal of your EPF funds. Once you submit your application on the website you can download your printable application form. You can submit this form to your past or present employer for the digital signature. One copy you will have to submit at the respective regional PF office.
- After submitting the form there will a verification process by the employer. Once the verification process is completed you EPF will be transferred.
There are few important steps taken by UAN portal to avoid frauds in the process of online transfers and withdrawals. An employee has to link his KYC form to his UAN account. It is extremely important for the employer to verify KYC form of the employee. As Adhaar card contains the biometric information of the individual it has significantly helped in making EPF withdrawal process safer. You can also enjoy other facilities by UAN portal such as download your UAN passbook, view your EPF balance and so on. The online portal has definitely made the employee’s life easy while dealing with the formalities regarding EPF account. Considering it’s usability EPFO has also launched their UAN mobile app. This will help you ti access your EPF account anytime and anywhere.