PF Withdrawal Process

PF Withdrawal Process

by CA Topics

PF Withdrawal Process

According PF Withdrawal Process to the EPF Act, to claim the final PF settlement, one has to retire from service after attaining 58 years of age. The total PF balance includes the employee’s contribution and that of the employer, along with the accrued interest. In addition, he will be eligible to get the Employees’ Pension Scheme (EPS) amount as well depending on the years of service.

Along with the PF, one is also allowed to withdraw the EPS amount if the service period has been less than 10 years and not later on. Once this milestone is crossed, the employee compulsorily gets pension benefits after retirement.

To PF Withdrawal Process balance and the EPS amount, the EPFO has launched a ‘composite form’ to take care of withdrawals, transfer, advances, and other related payments. Before you start the withdrawal process make sure all your previous PF accounts are merged into one. The total service in the present establishment, as well as previous organizations, will be taken into account and therefore, it is advisable to merge your accounts.

Here are the steps to follow to fill the EPF withdrawal form and initiate a claim online:

  1. Login to the EPFO portal using the UAN and password.
  2. Verify KYC details by clicking on the ‘Manage’ tab.
  3. From the top menu bar, click on the ‘Online Services’ tab and select ‘Claim (Form-31, 19 & 10C )’ from the drop-down menu.
  4. ‘Member Details’ will be displayed on the screen. Enter the last 4 digits of your bank account and click on ‘Verify’.
  5. Click on ‘Yes’ to sign the certificate of the undertaking and proceed further.
  6. While filing the online withdrawal claim, there are three options of forms:
    1. Form 19 (only PF withdrawal) – It is used to withdraw the entire accumulated PF amount, also known as the final settlement.
    2. Form 10C (only pension withdrawal)– This form is used to withdraw only the pension amount.
    3. Form 31 (part withdrawal of PF) – This form is used for processing a partial withdrawal request.
  7. Click on the tab ‘proceed for online claim’ to submit the claim form.

EPFO will obtain your KYC i.e. Aadhaar details, from UIDAI and your online PF claim will be processed. Once approved, the PF amount will be credited to your account within 10 days