The Employees’ Provident Fund Organisation (EPFO) deals with the Employees’ Provident Fund or EPF to give monetary safety to employees in the private sector post retirement. The EPF scheme motivates members towards building a corpus fund to avail monetary security after their retirement.
Around 12% of the employee’s basic salary and dearness allowance every year is deducted towards the EPF and an equivalent sum is contributed by the employer. EPFO provides a fixed annual interest rate on the EPF deposits. While the EPF scheme is essentially pointed toward building a retirement corpus, in specific circumstances, advance withdrawals are permitted.
How many days will it take for a claim or release of EPF amount?
Employees in a crisis can file a PF claim utilising Form 19. One can withdraw EPF in full or instalments. As per the EPFO tweet on X (Twitter), “Normally it takes 20 days to settle a claim or release the PF amount, if the same is submitted to concerned EPFO Office in complete.”
Individuals can apply for PF Final Settlement (Form19), Pension Withdrawal Benefit (Form10-C) and PF Part Withdrawal (Form 31) from the member Interface easily.
The employee’s Universal Account Number (UAN) should be activated, and the mobile number utilised for the UAN must also be in a working condition for online withdrawals.
What is the process of PF withdrawal if it’s not settled in 20 days?
As per the EPFO FAQ page, “He can approach the regional PF commissioner in charge of Grievances; file a complaint on the website using the EPFiGMS feature in the section ‘FOR EMPLOYEES’.”
What are the steps taken to withdraw EPF online?
Step 1: Go to the Member e-Sewa portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/ on the EPFO portal.
Step 2: Visit your account by entering UAN, password and captcha code.
Step 3: Click on ‘Claim (Form-31, 19, 10C & 10D)’ under the ‘Online Services’ tab once logged in.
Step 4: A new tab will display where you will be needed to fill the right bank account number (seeded with UAN), then click on verify.
Step 5: You will be needed to confirm terms and conditions as mentioned by the EPFO, once your details are verified.
Step 6: Press on ‘Proceed For Online Claim’.
Step 7: You will be needed to choose the reason for applying for withdrawal from your EPF account, from the drop-down menu. Later, only those options will be showcased in which you’ll be eligible.
What is the requirement to authenticate online claim submission?
Individuals applying on the web are expected to authenticate their claim submission utilising OTP sent to their UIDAI registered Mobile number providing consent to UIDAI to share their e-KYC (Aadhaar) credentials to EPFO.
