Employee Provident Fund is a retirement savings scheme where the employees contribute a part of their monthly pay monthly. Some amount is contributed by the employer too. The total contribution makes the retirement income for the employee.
For an Employee Provident Fund Organisation member, there are different ways of PF withdrawal such as PF final settlement, PF partial withdrawal and pension withdrawal benefit. Withdrawing from the EPFO before completing five years is subject to tax (the principle and the accrued interest). However withdrawing due to unemployment owing to ill-health or termination is not liable to tax. Moneymindz, India’s First Free Online Financial Advisory
If you choose to transfer the PF to the NPS (National Pension Scheme), it won’t attract tax. Subscribers to EPFO don’t need attestations of their employers to make a partial or complete withdrawal with amendments in rules. Universal Account Number is mandatory for all employees covered under the PF act.
Complete withdrawal is permitted when an individual retires from employment and when an individual remains unemployed for 2 months or more. A gazette officer has to certify that the state of unemployment has indeed been there for two or more months. In cases of wedding, education, buying land or constructing a house or home loan repayment, partial withdrawal is allowed. Moneymindz, India’s First Free On call Financial Advisory
The subscribers are eligible to fill the composite claim forms for requesting a partial or complete withdrawal. If Aadhar card details are with the UAN, employers’ attestation is not needed. Earlier, Form 19, Form 31 and Form 10C were used to make withdrawals. Recently, the composite claim form has replaced these forms. Composite forms now require Aadhar details of the employee now. You can make withdrawal request through online submission or manual submission. Get Financial Advisory On National Pension Scheme from Kuber Mindz or Give A Miss Call On 022-62116588
For manual application of the form:-
Visit epfindia.gov.in under downloads dropdown option on Miscellaneous Tab and download the form. If the composite form is Aadhar enabled, it can be filed and submitted to the respective jurisdictional EPFO office without employers’ attestation. New composite claim forms need to be submitted with employers’ attestation.
Activate your UAN and make sure the mobile number used for activating UAN is in working condition. Link UAN with Aadhar, PAN, bank details and IFSC code.
For online application of the form:-
Visit the UAN portal at unifiedportal-mem.epfindia.gov.in and log in with your UAN and password. Click “manage” and select KYC to verify the KYC details like Aadhar, PAN, etc. Then select “claim” and click “proceed for online claim” to submit the claim form where you would select the claim you want to apply for.
There are three form options while going for online withdrawal.
- Form 19- for Entire PF withdrawal
- Form 10C- for Pension withdrawal
- Form 31- for Partial withdrawal
These are the things you ought to know about withdrawing from the PF. You can visit www.moneymindz.com and talk with Smart Financial Advisor Kuber Mindz. You can even give a missed call to 022-62116588