PF Withdrawal now easier

Earlier this month, EPFO allowed its subscribers to file their PF withdrawal applications directly to the retirement fund body without employers' attestation.

Here is a 10-Point Cheat-Sheet:

1) This facility is applicable for subscribers, if details such as Aadhaar, PAN and bank account are linked to their Universal Account Number (UAN) and their know-your-customer (KYC) verification done by their employers.

2) More than 2 crore subscribers whose KYC norms have been verified by the employers can avail this new withdrawal facility, EPFO said.

3) However, the earlier norm of a waiting period of two months after leaving the previous job still applies for withdrawal purpose.

4) The UAN facility was launched last year to facilitate PF transfers while subscribers change jobs. And all active subscribers have been allotted a number.

5) The easier withdrawal facility will help subscribers who find it difficult to contact their previous employers, financial planners say.

6) Under the earlier process, after leaving a job, employees were supposed to get their withdrawal forms attested through their employers for identification of their details.

7) Withdrawal claims, however, have to be manually submitted by subscribers directly to the provident fund office.

8) Subscribers filing their claims directly without employers' attestation would have to use new forms that have been simplified for the new process.

9) Subscribers who wish to take an advance from PF account can make partial withdrawal through the submission of Form-31. EPFO allows subscribers to take an advance in certain situations like house construction, repayment of housing loan and education of children and illness.

10) Eventually, the EFPO plans to make the withdrawal process online to make it more subscriber-friendly. The retirement fund body plans to launch the online withdrawal facility this fiscal. more  

what about organisations that have a trust for epf more  
This facility should be available for old inactive accounts preferably. Because active accounts can be merged or transferred. Due to one or more reasons the inactive account holders may have difficult in contact king their previous employers. more  
Can one get the new forms online? more  
Hi Naveen Sir, Thanks for the wonderful summary of new PF withdrawl process more  
Post a Comment

Related Posts

    • Epfo needs fixing by govt

      EPFO Takes 15-20 Days for PF Withdrawal Shouldn’t Take More Than 2-3 Days in 2024 Pay Compensation of ₹5000 Per Day if Withdrawals Delayed by Lazy Sarkari Babus

      By Naina Mittal
      /
    • New EPFO rule

      Attached

      By Satvik Singh
      /
    • How to withdraw my PF amount to settle my Personal Loan

      My retirement has only 4 months. Before retirement I would like to settle my all-personal loans having @12.2 lacs. But I have only source is PF which is now accumulated more than Rs. 32 lacs. Shall...

      By V Radhakrishnan Iyer
      /
    • Interest for FY 2022-23

      Once the Government has announced EPF interest rates, what is reason for non reflection in members pass book? Such delays also cause financial loss to members who have to do a final withdrawal...

      By Pranaya Rawat
      /
    • EPFO rule change

      EPFO has now allowed subscribers to go beyond the pensionable salary capped at Rs 15,000 a month on which employers deduct a sum equal to 8.33% of the ‘actual basic salary’ towards pens...

      By Satvik Singh
      /
    • EPF - Higher Pension

      Dear Respectable Members, I am not sure what guidelines OR procedures to get higher pension from EPF/EPS. I am having only News paper information, that is 6th May 2023 as last date to su...

      By Arun Kumar
      /
    • Settled PF amount still not received thru NEFT

      ​After recent retirement, I had applied for full PF-amount-release, which was subsequently shown as settled. On the EPF Portal, it shows as - "Your Claim [ Claim Id - xxx ] has been Settled. P...

      By Indrajit Mukherjee
      /
    • full service not reflecting while processing Form 10D on line along with verifiedscheme certificate

      Earlier I applied form 10D offline at RPFO cuddapah (AP) for pension claim on superannuation. There was no response for verification of scheme certificate for about 3yrs. Finally I could get verif...

      By K R S S Murty
      /
    • higher pension date now May 3

      On Monday, EPFO announced that all the eligible members of the provident fund body can now opt and apply jointly with their employers for higher pensions till May 3, 2023. Earlier, the deadline for...

      By Satvik Singh
      /
    • EPFO, DAILY WE TALK ABOUT.

      MORE IMPORTANT IS RULE, APPLIED ON US FOR LATE PAYMENTS. EPFO ,LOOKS LIKE AN ADMINISTRATIVE INSTITUTION, NOT SERVICE SECTOR. THEY SHOULD PAY. WE SUFFER FOR LATE PAYMENT.THEY CARE FOR NONE.EVEN BAN...

      By Satyapal Singh
      /
    • EPFO must pay penal interest on interest

      When a payment for advance tax is made late, we have to pay a penal interest to the government. Here EPFO has delayed interest credit by 11 months. Shouldn't they be liable to...

      By Naina Mittal
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)