In a state of unemployment

If an employee is away from work for more than a month, he can withdraw 75% of the amount from his PF account.

When the company is closed

If a company or factory’s operations are shut down for six months, the employee can withdraw his entire PF amount. However, when the company restarts, the withdrawn amount has to be returned in 36 installments.

In case of layoff

In case of dismissal from the job, the employee can withdraw 50% of the amount from his PF account. However, he has to provide proof of not having a job while applying.

At work stoppage

If in an emergency situation the company’s operations are closed for more than 15 days, the employee can withdraw 100% of the amount deposited in his PF account.

Options on retirement

After retirement, the employee has two options. First, he can withdraw the entire amount of his PF account in lump sum. The second option is monthly pension (EPS), under which a fixed amount is received every month as pension.

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The post PF Withdrawal Rule: You can withdraw PF money under these 5 conditions, it is not necessary to take retirement first appeared on Rightsofemployees.com.

Employees Provident Fund Organization (EPFO) is a scheme to improve the economic future of private sector employees. In this retirement plan, both the company and the employee contribute equal amount to the PF (Provident Fund). At the same time, it gives annual interest on the deposited amount.

Since this amount is for retirement, it can be withdrawn only after retirement. But, sometimes PF money is needed in emergencies. There are some rules for withdrawing money from PF, only by following which you can withdraw money from your account. Let us know about those rules in detail.

When can you withdraw PF money?

Employees Provident Fund Organization allows withdrawal of money from PF account before retirement only under certain circumstances. Such as medical emergency, marriage or buying land. If someone loses his job, he can withdraw the entire PF amount after two months.

There is a rule to withdraw money from PF even for the marriage of a particular family member or for the education of children. However, for this you must have been working for at least seven years. After this you can withdraw up to 50 percent of your contribution.

How many times can I withdraw money?

You can withdraw money from PF account many times before retirement. But, every time you will have to give the reason. Money cannot be withdrawn more than three times for marriage. The same is the condition for studies after 10th.

Money can be withdrawn only once to buy a house or land. However, there is no such restriction in medical emergency. For this, you can withdraw money any number of times before retirement.

How much tax is charged on withdrawal of funds?

If you withdraw EPF before 5 years of continuous service, TDS will be deducted at the rate of 10 percent. If you do not provide PAN card while withdrawing the amount, then the TDS rate will be 30 percent. But, no tax has to be paid after 5 years of continuous service. Even if an employee transfers his EPF amount to the National Pension Scheme, no tax is levied.

How to withdraw PF money online?

To withdraw money from EPF online, your UAN should be active and linked to KYC (Aadhaar, PAN and bank account). Then you have to follow the steps given below.

• -Log in to the UAN Member Portal with your UAN and password.
• -Click on ‘Online Services’ tab from the top menu bar. Select ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
• -Your details will appear on the screen. Enter the last 4 digits of your bank account and click on ‘Verify’.
• -Click on ‘Yes’ to sign the Undertaking Certificate and proceed.
• -Click on ‘Proceed for Online Claim’ option.
• -Select ‘PF Advance (Form 31)’ to withdraw your funds online.
• -A new section of the form will open. In this you will have to select ‘Purpose for which advance is required’, the required amount and the address of the employee. The work for which employees cannot withdraw money will be mentioned in red colour.
• -Tick verification and submit your application
• -Depending on the work for which you have filled the form, you may have to submit scanned documents.
• -Money will be withdrawn from your EPF account only when your company accepts your withdrawal request.
• Then the amount will be deposited in your bank account mentioned in the withdrawal form.

An SMS will be sent to your phone number registered with EPFO. After the claim is processed, the amount will be transferred to your bank account. EPFO has not set any deadline for this, but usually the money is deposited within 15-20 days.

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Every month this money is deducted from your salary so that you have a big fund at the time of retirement, so that even if you do not have a job, you can run your own expenses. Employees can withdraw EPF money at the time of major emergency. Many times you can withdraw some money from this during daughter’s marriage, major illness or emergency. That is, you can claim your PF.

Claim comes in 3 to 7 working days

In most of the cases, it has been seen that the PF claim is credited to the bank account within 3 to 7 days. If your PF claim has not come even within 20 days of applying, then you can complain about it. Know here where you have to complain.

Have to complain here

1. For any matter related to EPF such as PF claim, PA advance or passbook, you have to complain by visiting the EPF grievance portal. For this you have to click on the link

https://epfigms.gov.in/Grievance/GrievanceMaster.

2. If you have to make a complaint related to PF claim, then click on the option of PF Member. After this complain with the help of your UAN number. As per rules, your complaint should be resolved within 7 days. If even then your PF claim has not come, then you are told the reason for it.

3. If you have to make a complaint related to pension, then you have to click on the option of EPS Pensioner and complain with the help of your PPO number.

4. You can complain by going to the Umang app or the EPFO ​​office or commissioner near your area.

When can you withdraw PF money?

After retirement, you can withdraw the entire PF money. After 45 days of leaving the job, you can withdraw the entire amount of PF. You can also withdraw advance from PF at the time of illness, Covid or at the time of daughter’s marriage.

The post EPF Claim Complain: Delay in getting PF advance or claim? So complain here, it will be settled immediately first appeared on Rightsofemployees.com.

The objective of this scheme is to get lump sum payment along with interest at the time of retirement from employment. The Employees’ Provident Fund Organization or EPFO ​​is responsible for the regulation and management of provident funds in India.

EPFO One of the famous savings programs started with the help of the Government of India is the Employees’ Provident Fund or EPF. The organization was established in 1951 and is supervised through the Ministry of Labor and Employment, Government of India. The Ministry of Labor regulates the EPF programs in India. Employees’ Provident Fund Organization administers this savings scheme. It can also be called EPFO.

contribution every month

This scheme seeks to help an individual accumulate a sizeable retirement corpus. It inculcates the habit of saving money among the salaried class employees. The employer and employee contributions in the form of funds are included in the fund. Each of them is required to make a monthly contribution to this fund equal to 12% of the basic pay (basic and dearness allowance) of the employee.

premature withdrawal

However, if someone has withdrawn money from this fund before retirement, then that can also happen. But for this some documents are required. With the help of these documents, PF money can be easily withdrawn.

Documents Required for PF withdrawal:

Composite claim form.
Two revenue stamps.
Bank account details (Bank account should be in the name of PF account holder only).
– Identity Proof.
– Address proof.
A blank and canceled check with IFSC code and account number.
– Personal information like father’s name, date of birth should match clearly with the identity proof.
– If an employee withdraws his PF amount before 5 years of continuous service, he will be liable to furnish Income Tax Return (ITR) Form 2 and 3 to prove the detailed breakup of the entire amount deposited in the PF account every year .

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PF balance

However, not everyone knows about the process of withdrawing PF money. In such a situation, today we are going to tell you an easy way to get PF balance, through which PF amount can be withdrawn. This process can be completed online only and the amount of PF can be withdrawn.

Online pf withdrawal process

Go to the official Universal Account Number (UAN) portal.
Log in using your UAN and password.
– Enter captcha for verification.
Go to the ‘Online Services’ tab and select the option ‘Claim (Form 19, 31, 10C or 10D)’ from the drop-down menu.
On the next screen, enter your Bank Account Number and click on ‘Verify’.
Now click on ‘Yes’ and proceed further.
Click on ‘Proceed for Online Claim’.
– In the claim form, under the ‘I want to apply for’ tab, select the claim you require.
– One has to choose a form to withdraw funds. For this, choose ‘PF Advance (Form 31)’. Then provide the purpose of such advance, the amount required and the address of the employee.

– The employee may be asked to submit the scanned documents for the purpose for which you have filled the form.
– Once the withdrawal request is approved by the employer, you will receive the money in your bank account.

The post PF Balance: Now you can easily withdraw PF money, this is the most effective way first appeared on Rightsofemployees.com.