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The Employees’ Provident Fund, shortened as EPF or PF, is a mandatory savings and retirement scheme for employees of eligible organisations. It enables employees to rely on accumulated funds when they retire.
According to EPF regulations, employees are required to contribute 12 per cent of their basic pay each month to this fund. Employers match the contribution to employees’ PF accounts. The deposited amount in EPF accounts accrues annual interest.
EPF can be partially or completely withdrawn. Complete withdrawal is allowed when an individual retires or remains unemployed for more than two months. Partial EPF withdrawal is allowed under certain circumstances including medical purposes, marriage, home loan repayment, etc.
New rules for EPF withdrawal, 2024
Withdrawal after retirement: Money in the EPF account can only be withdrawn after retirement, not during employment.
Partial withdrawal: Partial withdrawal can be applied online for emergencies like medical treatment, education, house purchase, or construction.
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Pre-retirement withdrawal: EPFO allows withdrawal of 90 per cent of the EPF corpus one year before retirement, if an individual is at least 54 years old.
Unemployment withdrawal: In case of unemployment before retirement due to retrenchment, EPF corpus can be withdrawn. As much as 75 per cent of the corpus can be withdrawn after one month of unemployment. The remaining 25 per cent will be transferred to a new EPF account when an individual finds a new job.
Tax exemption: EPF corpus withdrawal is tax exempt if the employee has contributed continuously for five years.
Tax deducted at source: TDS is on premature withdrawal but not if the entire amount is less than Rs 50,000. The deduction rates are 10 per cent with PAN submission and 30 per cent plus tax without PAN.
Online checking: EPF status can be checked online, directly through EPFO if UAN and Aadhar are linked and approved by the employer.
Declaration of unemployment: The EPF subscriber must declare unemployment to withdraw the amount.
Documents required to withdraw PF online
Universal Account Number (UAN)
Bank account information of the EPF subscriber
Identity and address proof
Cancelled check with IFSC code and account number
How to withdraw PF online
Access the UAN portal: Visit the official UAN (Universal Account Number) portal to initiate the process.
Secure login: Use your UAN and password for logging into the portal. Ensure to fill in the captcha correctly before clicking on the ‘sign in’ button to authenticate your access.
KYC verification: After successful login, select the ‘manage’ tab and choose ‘KYC’ from the list. This step is crucial for verifying if your KYC details, including Aadhaar, PAN, and bank information, are up-to-date and verified.
Initiate the claim process: Post KYC verification, move to the ‘online services’ tab. Here, you will find the option ‘Claim (Form-31, 19, 10C, and 10D)’. Select this to begin the claim process
Verify member details: The subsequent screen will present your member details, KYC information, and other service-related details. Key in your bank account number and select ‘verify’ to confirm the accuracy of the provided details.
Certificate of undertaking: Agree to the certificate of undertaking by clicking on 'Yes'. This step is mandatory to proceed further.
Proceed with online Claim: Choose the 'Proceed for Online Claim' option to advance to the next step in the claim process.
Select claim type: Within the claim form, specify the type of claim you wish to file under the 'I want to apply for' tab. Options include: Full EPF settlement, EPF partial withdrawal (loan or advance), pension withdrawal
Note: The availability of these options depends on your eligibility based on service criteria.
Specify claim details: For claims like PF Advance (Form 31), indicate the purpose of the advance, the desired amount, and your current address.
Submission and documentation: Finalise your application by clicking on the certificate button. Depending on the nature of your claim, you may be prompted to upload scanned documents relevant to your application's purpose.
