Employee Provident Fund (EPF) also referred to as PF (Provident Fund) is also a government-backed scheme and is a compulsory deduction for salaried employees. It is a fund to which both the employee and employer contribute 10 per cent of the employee’s basic salary each month.
Earlier this percentage was 12 per cent for private organisations. The employer and employee deposit their contribution with the Employee Provident Fund Organisation (EPFO) every month. The accumulated or a part of the amount in an EPF account can be withdrawn by the employee in the event of retirement, or resignation, or in the case of COVID-19 crisis. Similarly, this amount can be transferred from one company to another in case the employee changes his job. EPF account yields a return of 8.5 per cent annually.
The amount deposited in EPF accounts earns interest on a yearly basis, and employees can withdraw the entire amount accumulated in their EPF account once they retire. However, premature withdrawals can be done after meeting certain conditions. But if you are withdrawing after maturity then what are the procedure to withdraw the PF amount. Let’s see how can you withdraw your PF amount. The first step is to file Form 19/10C for PF withdrawal and Form 19/10C can only be filled after two months of leaving the job or retirement.
1) Visit Unified Member Portal. Log in with UAN and password.
2) Click Online Service. From Drop Down Menu, select claim (Form 31, 19 and 10C)
3) Enter Linked Bank Account Number. Click Verify
4) Fill in reason for leaving service
5) Choose Only PF withdrawal (Form 19) from Drop Down Menu.
6) Fill Complete address and Upload a scanned copy of Original Cheque/ Passbook.
7) Tick Disclaimer and click on Get Aadhaar OTP
8) Fill OTP received on Registered Mobile Number and submit application.
9) After submission of Form 19, follow similar steps to submit Form 10C…Read more>>