If you also want to transfer your PF money to your account, then you can easily complete this task. Just for this you have to fulfill some conditions.
New Delhi. Employees Provident Fund is a long term investment tool created with contributions from the employee, employer and in some cases the government. Simply put, PF is a social security program run by the Employees’ Provident Fund Organization (EPFO).
Employees use it as a means of financial security when they retire. The amount deposited in the PF account over the years along with the specified interest is paid to the employee on his retirement.
When can you withdraw money
from EPFO Full money can be withdrawn from EPFO on the following conditions-
>> At the time of retirement (on or after 58 years of age)
>> If unemployed for 2 months.
>> By the nominee in case of death of the employee before the age of retirement
However, amid the coronavirus pandemic, the EPFO revised several withdrawal rules for people facing financial difficulties. The new rules state that PF account holders can withdraw money equal to three months of their basic salary and dearness allowance or 75 per cent of the net balance in their PF account, whichever is less. A significant change was made to allow withdrawal of PF funds by a person facing unemployment before retirement due to lockdown or retrenchment.
Process of withdrawing PF money
>> EPFO member has to log in to unifiedportal-mem.epfindia.gov.in.
>> Select For Employees option under Services tab.
>> Click on the Member UAN/Online Service (OCS/OTCP) option on the new webpage.
>> Login to the portal using UAN, password and captcha code.
>> Select KYC option under Manage tab.
>> You will go to a new webpage. Find the Digitally Approved KYC section at the bottom of the page and check your KYC details. Make sure the details are correct.
>> To complete the withdrawal, go to the top menu and select Online Service.
>> Click on CLAIM (FORM-31, 19 & 10C) option from the dropdown menu.
