New Delhi: The Employees’ Provident Fund (EPF) is a government-controlled savings scheme which is aimed at helping employees during their retirement. It was launched in 1995 whichis popularly referred to as PF. The scheme ensures that both employee and the employer contribute monthly to the EPF account of the employee.
EPFO rules state that the employees are required to make a minimum contribution of 12 per cent of their basic salary and the employer is mandated to contribute the equal amount, i.e. 12 per cent of employees’ basic salary.
An employee becomes eligible for pension from the EPFO after spending a minimum of 10 years in service. The other condition is regular pension is paid from the time one completes 58 years of age.
EPF claim process and eligibility
An individual having an EPF account can raise an EPF withdrawal claim for the EPF funds in the following situations: Medical emergency, purchase of first property in the name of the employee, higher education of the employee or his/her children
It may be noted that the rules mention that a beneficiary can withdraw the total corpus accumulated in the EPF account only upon retirement. The EPFO guidelines state that the authority considers early retirement only after the employee has crossed 55 years of age.
EPF claim Online Application Process
Requirements from the member for filing Online Claims
The member should have activated his/her Universal Account Number and the mobile number used for activating UAN should be in the working condition.
Member’s AADHAAR details should be seeded in EPFO database and he should avail OTP based facility for verifying eKYC from UIDAI while submitting the claim.
Member’s Bank Account along with IFSC code should be seeded in EPFO database.
Permanent Account Number (PAN) should be seeded in EPFO database for PF Final Settlement Claims in case his/her service is less than 5 years.
Visit the official portal of EPFO
Login to the member interface using UAN credentials
Satisfy oneself that KYC and service eligibility conditions as mentioned
against his UAN are correct and complete. Enter the captcha to authenticate the login.
Click ‘Manage’ tab to access available options.
Select ‘Claim (Form 31, 19 & 10C)’.
Select the relevant claim
Next step will be to submit the last 4 digits of your bank account number and click on ‘Verify’
Sign the Certificate of Undertaking by clicking on ‘Yes’
Select the ‘PF Advance (Form 31)’ option
Mention the amount of advance required
Choose the correct purpose under the ‘Purpose for which advance is required’ option.
Now, upload the documents required. It may be noted that the employer is also required to approve the request for withdrawal to be complete.
If an individual faces problems in after applying for Employees’ Provident Fund (EPF) claims, the person can register grievance on http://epfigms.gov.in. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
