How to Withdraw EPF Money after Retirement?

The Employees’ Provident Fund or EPF is a social security program in India, overseen and regulated by the Employees’ Provident Fund Organisation (EPFO), a statutory body under the Ministry of Labour and Employment, Government of India. This scheme aims to offer financial security and retirement benefits to employees in the organized sector.

According to the EPF rules, employees are required to contribute 12% of their basic salary every month to this fund, and an equal contribution is also made by the employer. The amount deposited by both the employee and the employer earns interest on an annual basis. The entire amount accumulated in the EPF account can be withdrawn by the employee only after retirement, though partial withdrawal is allowed after a certain period of employment.

Conditions for Complete Withdrawal of EPF Amount

Complete withdrawal of the EPF amount is not possible during the service tenure, as it is a retirement scheme so an employee cannot withdraw the complete amount. EPF amount can be completely withdrawn only in the below-given circumstances:

  • On the retirement of the employee
  • If a person remains unemployed for more than one month, then he/she is allowed to withdraw 75% of the entire amount and can withdraw the rest 25% in case unemployment stretches beyond two months.
  • Employees cannot completely withdraw the EPF amount if they switch jobs and if they don’t remain unemployed for more than two months.

Prerequisites for Online Application

The EPFO has come up with an online withdrawal facility, which has made the entire process more comfortable and less time-consuming. To apply for the withdrawal of EPF online through the EPF portal, make sure that the following conditions are met:

  • The Universal Account Number (UAN) is activated, and the mobile number used for activating the UAN is in working condition.
  • The UAN is linked with your KYC, i.e. Aadhaar, PAN, bank details, and the IFSC code.
  • If the above conditions are met, there is no need for the previous employer to attest to your withdrawal application.

Requirements for PF Withdrawal

To ensure a seamless withdrawal process, subscribers must meet the following requirements to withdraw without their employer’s attestation:

  • Active UAN – Employees need to ensure their Universal Account Number (UAN) is active, and their mobile number is linked to their PF account.
  • Aadhaar Card – Seed Aadhaar card details with their PF account.
  • Bank Account Details – Integrate bank account details and the bank’s IFSC code with their PF account.
  • PAN Details – For final settlements before completing 5 years in the EPF scheme, seed their PAN details.

Meeting these requirements will help facilitate a smooth withdrawal process.

Steps to Apply For EPF Withdrawal Online on the UAN Portal

Employees are allowed to completely withdraw their EPF amount online through the EPFO member portal. If the employees have linked their Aadhaar card with their UAN account, then they will not require approval from their employer to make a PF withdrawal.

Follow the below-given steps to withdraw the EPF amount online:

Step 1 – Visit the EPFO website

Step 2 – Select ‘For Employees’ under the Services tab

Step 3 – Employee will be redirected to a new web page, here click on the “Member UAN/Online Service (OCS/OTCP) option

Step 4 – This will again redirect the employee to a new webpage. Here they will need to log in to the portal using UAN, password, and the Captcha code.

Step 5 – Click on the ‘KYC’ option under the ‘Manage’ tab

Step 6 – On the new redirected page, employees need to scroll down to the bottom to find the “Digitally approved KYC” section to check their KYC details and should verify that details are correct

Step 7 – If the KYC details are correct, they must click the “Online Service” tab from the top menu and proceed with the withdrawal

Step 8 – Employees need to click on the “EPF Composite Claim Form” from the drop-down menu

Step 9 – On the new redirected webpage they will find the EPF Composite claim form

Step 10 – Employees will need to enter the last four digits of their registered bank account number and need to verify the same

Step 11 – A certificate of undertaking will be generated and employees have to click on ‘Yes’ on the pop-up certificate to proceed further

Step 12 – Click on the “Proceed for Online Claim” option when it prompts on the screen

Step 13 – Submit and monitor the request status online

Step 14 – After approval, the EPF money will be directly deposited into the employee’s bank account

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