Provident fund (PF) or pension fund is to provide employees with lump-sum payments at the time of exit from their place of employment. EPF is also called the Employee Provident Fund Scheme.
What is EPF (Employee Provident Fund):
A part of employees income-- 12 per cent of basic salary is deducted as a provident fund that goes to the Employees Provident Fund Organisation of India (EPFO). Also, a similar amount is contributed by the employer side too. However, most employees are merely concerned about the small per cent of the amount being deducted as Provident Fund (PF) from their salary. The deducted money is given to the employees for a few months (2-months) after their exit from the company.
However, many of employees are even not aware of how to withdraw PF money and had to face several issues during the process.
Procedure for EPF withdrawal:
Withdrawal of EPF can be done either by
Submission of a physical application for withdrawal
Submission of an online application
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
How to make EPF withdrawal online: Step-by-step guide for Provident Fund settlement.
How to check Provident Fund Online? Here's how.
- You need to visit the EPFO website-ttp://www.epfindia.com/site_en/
- You will find an online claim option on the homepage. Click on the tab ‘Proceed For Online Claim’ to submit your claim form.
- Click the online claim option to open the page--https://unifiedportal-mem.epfindia.gov.in/memberinterface/ link
- Login with your UAN and password and enter the captcha.
- After completing this, you will find claim settlement option
- You will not be required to submit the withdrawal form with the company
- 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’.