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PF Money: EPFO rule changes you must know in order to apply for Provident Fund withdrawal

The EPFO has changed the rule of the withdrawal of the provident fund online. Provident fund or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment.

India TV News Desk India TV News Desk
New Delhi Updated on: July 19, 2019 14:17 IST
PF Money: EPFO rule changes you must know in order to apply
Image Source : FILE PIC

PF Money: EPFO rule changes you must know in order to apply for Provident Fund withdrawal 

If you are a salaried employee then this news is for you. According to reports, The EPFO has changed the rule of the withdrawal of the provident fund online. Provident fund or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment. However, most employees are merely concerned about the small per cent of the amount being deducted as Provident Fund (PF) from their salary. 

Also, many of them are even not aware of the rules associated with PF and come had to face several issues when they have to withdraw their PF amount or get it transferred. If you don't want to face such a situation, then you are required to carefully read regulations related to the PF that have been changed. 

As per the report in Zee Business, the EPFO has made changes in a rule for withdrawing provident fund. Under this new provision, individuals will not be able to withdraw their PF amount through offline mode. In fact, in the online process also there is a condition applicable.

Changes in the EPF withdrawal rule: 

As per latest PF withdrawal rules, individuals whose Aadhaar number is linked to the EPFO's Universal Account Number (UAN), they won't be able to claim for PF withdrawal offline, as per Zee Business business. 

In such a case, the Employees Provident Fund Organization (EPFO) has refused to accept the offline claim, the report further claims. "EPFO has taken this decision due to rising cases of offline claim in the field office," Regional Commissioner NK Singh told Zee Business.

Many firms were receiving bulk claims of EPF claim, of the employees whose Aadhaar is linked to UAN, offline through the physical forms. Following which, EPFO has issued a circular in this regard directing companies to not to accept offline claims.

ALSO READ: PF balance: Simple steps to check it anytime

How to claim EPF amount:

To withdraw the Provident Fund amount, Individuals whose Aadhaar is linked to UAN, they have to make an online claim. \

Partial withdrawal of EPF: It can be done under certain circumstances and subject to certain prescribed conditions

India Tv - PF Money: EPFO rule changes you must know in order to apply for Provident Fund withdrawal 

Image Source : FILE PICPF Money: EPFO rule changes you must know in order to apply for Provident Fund withdrawal 

How to make EPF withdrawal online: Step-by-step guide for Provident Fund settlement. 

How to check Provident Fund Online? Here's how.

  1. You need to visit the EPFO website-ttp://www.epfindia.com/site_en/
  2. You will find an online claim option on the homepage. Click on the tab ‘Proceed For Online Claim’ to submit your claim form.
  3. Click the online claim option to open the page--https://unifiedportal-mem.epfindia.gov.in/memberinterface/ link
  4. Login with your UAN and password and enter the captcha.
  5. After completing this, you will find claim settlement option
  6. You will not be required to submit the withdrawal form with the company
  7. In the claim form, 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’.

ALSO READ: IL&FS case: NCLAT says pension/PF money to get priority in repayment

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