How to Withdraw PF Online with UAN – EPF Withdrawal Rules

How to Withdraw PF Online with UAN – EPF Withdrawal Rules

The Employees Provident Fund(EPF) is a mandatory investment fund and retirement store for qualified representatives.

The Employees Provident Fund Organisation (EPFO) has fixed the loan fee at 8.15% for the monetary year 2022-23. There was a climb in the EPF account financing cost by 0.05%. The financing cost for the EPF account was 8.10% for FY 2021-22.

Under EPF guidelines, workers should contribute 12% of their essential compensation to this asset every month. Bosses contribute a matching add-up to their workers’ PF accounts.

The assets kept in the EPF accounts acquire revenue yearly

In the wake of resigning, workers can pull out the aggregate sum amassed in their EPF account. In specific situations,workers can likewise make untimely withdrawals from their EPF account. We should talk about them exhaustively.

Standards for PF Withdrawal

  • Joblessness: If an individual has been jobless for north of a month, he/she can pull out up to 75% of the complete gathered sum. If the joblessness period extends more than two months, the excess 25% can likewise be removed.
  • Instruction: PF account holders can pull out up to half of their complete commitment to the EPF to pay for their advanced education or their youngsters’ schooling costs after class 10. Nonetheless, this withdrawal can be madesolely after contributing at least seven years towards the EPF account.
  • Marriage: A record holder can pull out up to half of the worker’s portion to pay for essential costs for his/hermarriage, or the marriage of the record holder’s child, little girl, sibling, or sister. Nonetheless, this arrangement is pertinent solely after finishing seven years of PF commitment.
  • Extraordinarily abled people: Exceptionally abled account holders can pull out a half year of essential compensation alongside a dearness remittance or representative offer with revenue (whichever is less) to pay for the gear cost. This office has been acquainted with facilitating the monetary weight of buying costly hardware.
  • Health-related crises: An EPF account holder can pull out the equilibrium to pay for pressing clinical medicines for specific illnesses for themselves or close relatives. The withdrawal sum is restricted to a half year of fundamental compensation and dearness recompense or the representative offer alongside interest, whichever is less.
  • Existing obligations: People can pull out three years of fundamental compensation + dearness recompense or the complete representative and manager share alongside interest to pay their home advance EMIs. This office is accessible solely after at least 10 years of commitment towards the EPF account.
  • Buy private property or land plots: The PF withdrawal rules permit the record holder to make an untimely withdrawal to buy vacant land or pre-assembled houses.

EPF Withdrawal Rules 2023

Here is the rundown of the fundamental principles of EPF withdrawal:

Under the new guidelines, PF account holders can pull out cash identical to 90 days of their fundamental compensation in addition to dearness remittance or 75% of the net equilibrium in their EPF account, whichever is lower.

Till the time you are utilized, you can’t take out any cash from your PF account, be it completely or to some extent.

If you don’t have some work for basically a month, you can pull out up to 75% of your assets. You can pull out the leftover equilibrium if you are jobless for a considerable length of time or longer.

These withdrawal solicitations can be submitted on the web and will be handled within three working days. Disconnected claims, then again, can require as long as 20 days to process

Step-by-step instructions to Apply for EPF Withdrawal

The withdrawal of EPF equilibrium can be made by presenting a physical or online application.

Through physical Application

Download the new Composite Case Structure (Aadhaar)/Composite Case Structure (non-Aadhaar) to pull out the EPF balance.

Utilize the Composite Case Structure (Aadhaar) assuming you have connected your Aadhaar and bank subtleties on the UAN entryway and on the off chance that your UAN is initiated. Then you should present the structure to the individual jurisdictional EPFO office without the business’ verification.

Utilize the (non-Aadhaar) Composite Case Structure if the Aadhaar and bank subtleties are not connected on the UAN entrance. Fill and present the structure with the business’ confirmation of the particular jurisdictional EPFO office.

Online Application

The EPFO has a web-based withdrawal office which has made the cycle more agreeable and less tedious.

To apply for the withdrawal of EPF online through the EPF entrance, a few circumstances should be met:

The General Record Number (UAN) is actuated, and the portable number utilized for enacting the UAN is in working condition.

The UAN is connected with your KYC, i.e., Aadhaar, Skillet, bank subtleties, and the IFSC code.

Qualification for EPF Withdrawal

The circumstances that should be satisfied by a worker to be qualified for EPF withdrawal are framed below:

Full withdrawal of EPF reserves is permitted solely after retirement. Nonetheless, exiting the workforce is considered by the EPFO solely after the representative achieves the age of 55.

Halfway withdrawal of EPF reserves is allowed exclusively for specific purposes like health-related crises, home securing or development, or advanced education.

  • The EPFO permits 90% withdrawal of the whole sum one year before retirement.

Assuming a representative is laid off or loses their employment because of conservation, they might pull out their EPF corpus.

According to the new guidelines, just 75% of the corpus can be removed following one month of joblessness. The excess support will be moved to the new EPF account once the representative gets a new position.

Representatives don’t need their manager’s consent to pull out their EPF. They can get consent online by connecting their UAN and Aadhaar to their EPF account.

While making an internet-based guarantee, representatives should guarantee that they have:

  • Skillet and Aadhaar subtleties
  • A functioning UAN number
  • Bank subtleties connected to their UAN

When Could I at any point Pull out from the EPF Record?

You can make either a halfway or complete withdrawal from your EPF account.

You can completely pull out your EPF balance under specific cases, for example,

  • At the point when you have resigned.
  •  At the point when you have been jobless for over two months. You need to get a verification from a gazetted official to make the withdrawal.

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