PF withdrawal is an important thing one should definitely be aware of. For this reason, one must be familiar with the pf withdrawal online process and what are its importance and the functioning of the pf scheme. Employee provident fund (EPF) is a social security law that is enforced by the government. It is compulsory to contribute a part of income to the Employee provident fund. This is with the view of securing the future of an individual. It serves as great financial support at a later age. EPF is also known as the Provident Fund (PF). It functions as a saving and retirement scheme as well.
This practice of contributing to EPF makes the retired life of an individual more secure. Contributing to EPF is mandatory under the Employee provident fund act and the companies act. As per the act, every employee has to contribute 12% of his basic pay towards the Provident fund. Similarly, in the view of the norm, the employer contributes an amount equal to the provident funds contributed by the employee. When you contribute funds for this purpose, the sum accumulated earns interest over the years. You are eligible for pf withdrawal online or through the traditional way at the end of your service period. However, if you wish to premature withdraw the pf amount then, you will have to meet certain criteria which are specified in the Act.
What Is UAN?
Universal Account Number (UAN) is a 12 digits number that is provided to each individual from Employee provident fund organisation (EPFO). This number is associated with the provident funds contribution that an individual makes during his service period. This is an unique number and holds different for every individual. The Ministry of Employment and Labour under the Government of India issues this UAN. With the help of this UAN, you can track all the savings that you have contributed towards the provident funds by all means. This UAN is generated when an individual joins an organisation for the first time. UAN helps the employee to authenticate and know details of the employee.
In order to register successfully for UAN, you will have to submit the following documents:
-Bank account details along with IFSC Code
Registration Process Of UAN:
-Visit the EPF member portal
-Activate the UAN by clicking on “Activate UAN”
-Provide the information such as Aadhaar card details, pan details, DOB and others.
-Now click on “Get authorization pin”to get pin on your registered mobile number
-Enter the pin received to proceed further
-Create the username and password for UAN portal
Advantages Of UAN For Employees:
-Intervention of employer is quite less due to UAN: When you successfully register and activate the UAN, the pf withdrawal online or transfer from previous organization becomes easy.
-No need to transfer funds when you switch the organisation: With the help of UAN, the whole amount of old organization will be transferred to your new company pf account without much hassle.
-Notifications about your provident funds: This is one of the best benefits of UAN. You get pop up notification whenever the contribution is successfully done by the employer to your pf account.
How To Apply For PF Withdrawal?
Thereupon, with the help of the internet, an individual can claim their pf amount in just a few steps. You can opt for withdrawing PF according to the traditional method or even through EPF online claim method. There are various types of pf claim forms that are available on the member portal. In order to apply for EPF claim online, you have to follow the below steps:
- Sign in to the UAN member portal with your unique UAN and password
2. Select the “Online Services” tab from the top corner and choose “Claim (form-31,19 & 10C)”
3. On doing so, all the details of the individual will be there on the display and then you are required to enter the last 4 digits of the bank account. Then click on “verify”
4. Next you have to click on “yes” to sign in successfully for a certificate of the undertaking and to proceed further.
5. Click on “Proceed for online claim”
6. Then click on the “Pf advance (form 31) option” for claiming pf.
7. A new page will appear where you will be required to select the purpose for online pf withdrawal.
8. Once you choose the purpose, tick on the certification, and submit the application.
9. You will have to submit the photocopy of the documents depending on the purpose you have selected for EPF withdrawals.
10. Your employer would have to accept the pf withdrawal request. Once it is accepted, the money will be withdrawn and deposited in the bank account.
Required Documents for EPF Claim Online
Here is the list of documents that you may require when you are opting for withdrawal of pf.
- Form 19
2. Form 10C and Form 10D
3. Form 31
4. Two revenue stamps
5. Bank account statement
6. Identity proof
7. Address proof
8. A blank cheque of the same bank account which is linked to your pf account. The cheque should be bearing the IFSC code and the name of the individual.
How much time required to get the PF amount transfer to your bank account?
For instance, all the documents for epfo online claim is given with the application. Then in that case it will take around 14 working days. The sooner employer approves the application, the epfo online claim process will finish soon.
Who can claim PF On behalf of PF Holder?
No other person can withdraw the pf amount of behalf of the pf holder until he/she is not deceased. In case of a deceased pf holder, the nominee hold the rights to claim the pf of the deceased pf holder.
How much PF amount we can withdraw at a time?
In case of purchase of property, one can claim up to 80% of total pf amount accumulated. If an individual is looking for refundable loan such as for purchasing home décor or religious function. In that case then pf withdrawal allowed is 6 times of the basic pay.
How to check your pf balance or claim status?
Now with the help of UAN, you can check your pf balance at any given point. You don’t have to wait for the annual statement of your pf from the Employer. You can take note of your pf balance through any of the following ways:
1. Using UMANG application
Individuals can check the epfo claim status and epf balance through the Umang application. One can easily view his epf passbook and also access other details of his pf balance& its withdrawals.
2. Using EPFO portal
One can now know their EPF balance by visiting the EPFO portal. You will have to follow the below steps in order to access your epf balance through the portal:
-Visit the epfo portal and click on “for employees” under the service tab
-Click on the passbook option
-Login with the particular UAN and password
-Then you would notice the epf balance of the existing organization.
3. By sending an SMS
Now you can check your pf balance instantly with the mobile number that is register with Epfo claim online portal. For this reason, you will have to send an SMS of “EPFOHO UAN ENG” to 7738299899. In case if you want to know the pf balance and other details in the Marathi language then SMS ËPFOHO UAN MAR”
4. By giving a miss call
Once you resgister and activated the UAN with your registered mobile number, you can check your pf balance in just a few minutes. You will have to give a miss call on 011-22901406. You would instantly get the details of the balance pf amount on your device. This service is free of cost and can be availed at any time.
All things considered, now pf withdrawal process is very easy and at your fingertips. Unlike before, you wouldn’t have to wait in long queues to withdraw your pf amount. Also, in order to check the pf balance, you can do it in just a few clicks. Consider this article as a short guideline in order to solve all your queries regarding withdrawing pf online.