PF (Provident Fund) withdrawal is usually allowed after 58 years of age or retirement age of an employee. Though partial and complete withdrawal is allowed before the employee attains retirement age or meets the eligible criteria for completed service years, there are terms and conditions on the same.
In this post, we will discuss about EPF withdrawal rules, types of PF withdrawals, how to withdraw online, claim forms, eligibility criteria for raising a claim, eligible reasons for premature withdrawals, tax exemptions on the Provident Fund, entering exit date to ease withdrawals, types of EPFO grievances, and FAQs.
Here are 10 rules regarding EPF withdrawal:
From the EPFO member portal, you can make three different types of EPF withdrawal. If you have seeded Aadhaar with UAN, then you can request for withdrawal without attestation of your employer.
You can raise a PF withdrawal claim on EPFO member portal if you have seeded your Aadhaar with UAN. This way, you will not need permission from the employer to make a withdrawal.
The PF Withdrawal Claim Form that you have to submit in order to withdraw Pension Fund or Provident Fund depends on the reason of making the claim, your age, and if you are still employed or not.
These are the criteria for Provident Fund withdrawal:
1) If You Are Currently Employed
2) If You Leave a Company Given a Physical Disability
3) If You Change Your Job
4) In Case of Your Demise
5) In Case of Your Demise While in Service
You can withdraw money from EPF before retirement given a:
Tax exemptions are applicable on EPF withdrawal if you have made contributions for 5 years of continuous service. The tax rate is determined by the tax slab your income falls in. In case of withdrawal before 5 years, TDS is applicable on the funds. No TDS is applicable before 5 years if you withdraw for the following reasons:
If you do not mention exit date from employment, then the Provident Fund withdrawal process may get delayed. To ensure there is no delay, visit the Unified Portal, and enter the exit date from the previous employer. Use your Universal Account Number and password to login to portal. Check if you have mentioned the exit date by going to ‘View’ on top panel, and clicking ‘Service History’ from under it. Below mentioned are steps to follow to provide the exit date:
If you face issues with PF, then you can register grievance for the following:
You can login to EPFO portal, check PF status, and file a grievance online. If the complaint is not solved in a given timeframe, then you can click ‘Send Reminder’ to send a reminder. You have to provide the grievance registration number and password. You can check status of the complaint, change password, and upload the grievance document.
Here are PF withdrawal FAQs:
If you want to make a Provident Fund withdrawal without attestation of employer, then follow the below given steps:
Both the employee and the employer have to add to the EPF account. The employee has to send at least 12% of the basic salary towards PF account, and the same portion of contribution is to be done by the employer.
In case you are currently employed with an organization that opens a new PF account linked to the UAN of the previous employer, then you cannot withdraw the EPF balance accumulated with the past employer. Here, you have to transfer the EPF balance from the previous employer to the new account.
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