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EPFO is one of the World’s largest Social Security Organizations in terms of volume of financial transactions undertaken. At present it maintains 27.74 crore accounts (Annual Report 2021-22) pertaining to its members. all data are recorded from government site .
Employees Provident Fund, its also known as Provident Fund, is a required retirement savings program . All employees of any organization are compulsory to submitted PF. This scheme is started at15th November 1951 . its was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments .The PF withdrawal rules have recently been updated to give customers more simple to access . Read this article to get detailed information related to the PF Withdrawal limit & PF Withdrawal Rules 2023 like , pf withdrawal login , limits, highlights ,procedures for pf withdrawal online.
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The Provident Fund, or PF, is a contribution-based gross savings scheme under which both the company and the employee process financial contributions to build a fund to cover post-retirement expenses. The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
The aim of PF Withdrawal Rules 2023 updating is to form more easier the withdrawal restrictions for Provident Fund (PF) accounts. these improvements is to make it easier for subscribers who are suffering financial difficulties. under the new update allow PF registration account holders to withdraw up to three months’ worth of their basic pay + dearness allowance, or 75% of the net amount of the PF account . This amount requests for withdrawal can be done online through EPF form 15g .under the online process amount will withdrawal in three working days and offline process will take 20 Daye limitation.
PF Withdrawal 2023 key Highlights
|Name of article||PF Withdrawal Rules 2023|
|Regulated by||Ministry of Labour and Employment|
PF Withdrawal Rules
Any one can be eligible to withdraw the EPF balance on retirement, resignation, or termination of employment after two months of continuous service. In the case of resignation, the person must be unemployed for two months before they can withdraw the EPF balance.
Any one can withdraw in many part their EPF amount for specific reasons such as marriage, education, purchase/construction of a house, or medical treatment. The employs must have completed at least five years of service to be eligible for partial withdrawal.
if any employs Withdrawals their money before the completion of five years of service are taxable. if they complete five years of service, then that withdrawals amount will not come under tax .
To PF withdrawal amount , the employs must fill withdrawal form and submit it along with a cancelled cheque, PAN card, and Aadhaar card.
If any employs changes their jobs, they have to transfer their EPF amount to the new employer’s EPF account. This can be transfer the EPF amount rather than withdraw it to avoid any tax implications.
The EPF amount got earns interest, as per government rule every one get interest on here PF amount continually till the retirement Withdrawals .
Nominee is very important required as per PF rules and it should be always updated . this is very important to nominate a nominee for the EPF account. its required because the PF amount is transferred to the nominee in case of the account holder’s demise.
Withdrawal after attaining 58 years
If any one completed 58 years of age, they can choose to continue their EPF account and earn interest until the age of 60. Alternatively, if they want to withdraw the EPF balance and close the account.
PF withdrawal Online
Now a days The EPFO has start PF withdrawal online process, this online process is very fast and very ease to process the withdrawal amount .
Now a days The EPF withdrawal process usually takes around 1 week only . The EPF amount are transferred to the individual’s bank account or issued as a cheque.
Conditions for PF Withdrawal
Their are Some of the conditions for PF Withdrawal are as follows:
- When Employees Service is Continue :-
- Whenever an employee Service is Continue and they wants to withdrawal advance amount from the PF account, they have to submit the Composite Claim Form.
- their is a portion of pension fund under which, employees above the age of 58 must submit Form 10D. after the age of 58 they will be eligible to earn a monthly pension .
- When change Job by Employee:
- An employee’s when they are change their jobs , his EPF account will be transferred to new company PF account . They must submit a Form 13 application for it. they can fill Composite Claim Form, either with Aadhaar or without, can be used to make this claim.
- If a employs over the age of 58 who has accrued ten years of service eligibility they may file a pension claim using Form 10D. They also utilize the Composite Claim Form to submit a pension claim.
- At Quit job on Physical Disability:
- Physical Disability employs fill Form 10D, and submit a claim for a monthly pension.
- BY Using the Composite Claim Form (Aadhaar/Non-Aadhaar), employees are eligible to submit a PF claim.
Limitation of PF Withdrawal
|( Marriage& education) of /daughter/son/ sister/ brother or for children’s post-matriculation.||Minimum 84 months of service||50% of the employee’s contribution with interest|
|House renovation or alteration||Minimum 60 months of service||12 times the monthly salary|
|Medical expenses/ purchase of equipment by physically handicapped /Natural Calamity/closure of factory||No minimum service tenure||His/her basic and DA pay for up to six months, or the full contribution|
|One year before retirement||should be older than 54 years old.||Up to 90% of EPF amount|
Procedure for PF Withdrawal Online
There are step by step process to claim PF Withdrawal Online :-
- First of all employs visit the official website https://www.epfindia.gov.in/of the Employees’ Provident Fund Organization (EPFO) Portal.
- Click on the “For Employees” Services option.
- then click on the Member UAN/Online Service (OCS/OTCP) option under the services tab.
- they required your UAN, password, and the Captcha code .after interring required data go on next page. click on the Login button to get logged in to your registered account .
- The dashboard of your account will open on front of you.
- under the Manage tab, KYC option will be seen of screen.
- employs must be check all your KYC details.it should be correct.
- select the Online Service link from the menu to proceed with the withdrawal .
- now inter under CLAIM FORM-31, 19 & 10C option and fill these form.
- Enter your registered bank account number’s last four digits now, and double-check it.
- A Certificate of Undertaking will be created once the bank account has been successfully verified.
- Finally, select the option to “Proceed for Online Claim.”
- To withdraw money online, select the option PF ADVANCE (FORM-31) carefully .
- choose “Reason for which advance is required” option. The fields for the employee’s address and the advance amount must also be completed. Now, click on the checkbox and submit your withdrawal application
- Next, upload the necessary documentation, depending on the type of withdrawal.
- If employer agrees to the withdrawal request, the withdrawal money will be deducted from the EPF account and paid to the relevant bank account. Once the claim has been settled, you will receive an SMS notification on your registered phone number.
PF Withdrawal Online FAQs
How many days will PF withdrawal take?
At this current time PF withdrawal online claim processes are become very fast and easy. Once the pf amount claim is processed, and all document are verified by pf officers, then the amount will be transferred to your bank account. the normal time limit has been provided by the EPFO is to credited the amount in your account with in 7 to 10 days .
What is the new rule for PF withdrawal?
Under the New EPF Withdrawal Rules 2023, All PF account holders who can withdraw money equivalent to three months of their basic salary plus dearness allowance or 75% of the net balance in their EPF account, or which amount are lower.
How can I withdraw my PF in advance?
If any one want to take an advance pf amount from the PF account, to procced advance claim the composite claim form (Aadhaar/Non-Aadhaar) has to be submitted online / offline . for online process visit to the EPFO website and login with UAN (Universal Account Number), and password and captcha. after that click on the ‘Online Services Tab’ and choose the option “Claim (Form 31, Form 19, Form 10C and Form 10D)”. and ‘Verify’ all information like bank account , adhere card ,and IFSE code .
Are EPFO is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken.
Yes, At present it maintains 27.74 crore accounts
When EPFO first time start in our country ?
The Employees’ Provident Fund came on the 15th November, 1951
Can I withdraw my 100% PF amount?
yes , but as per EPF Act 1952 , you can claim only by after retirement from services