According to the Employees’ Provident Fund Organisation, it takes around 20 days to settle the EPF claim. Employees can receive the PF amount in their bank accounts after the claim is settled.
The Employees’ Provident Fund Organisation (EPFO) manages the Employees’ Provident Fund or EPF to provide financial security to employees in the private sector after their retirement. The EPF scheme is aimed at building a corpus fund to provide financial security to employees after their retirement.
Every month, 12 per cent of the employee’s basic salary and dearness allowance is deducted towards the EPF and an equal amount is contributed by the employer. EPFO offers a fixed annual interest rate on the EPF deposits.
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While the EPF scheme is basically aimed at building a retirement corpus, in certain conditions advance withdrawals are allowed.
Here’s the process of EPF withdrawal and the time required to receive the EPF amount in account.
When you can make an EPF withdrawal?
The total amount in the EPF account can be withdrawn upon retirement. Employees can also make a partial EPF withdrawal in case of medical emergency, property purchase, and educational purposes. If an EPF subscriber remains unemployed for more than two months the entire EPF amount can also be withdrawn. After one month of unemployment only 75 per cent of the EPF amount can be withdrawn.
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EPF withdrawal process
Employees can apply to withdraw their EPF through both online and offline modes.
The online application can be filed by visiting the Member e-Sewa portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/ on the EPFO portal and logging in with your UAN number and password.
The employee’s Universal Account Number (UAN) must be activated, and the mobile number used for activating the UAN should also be in a working condition for online withdrawals.
For offline application, you can visit the respective EPFO office and submit a duly filled Composite Claim Form (Aadhaar/Non-Aadhaar).
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How many days does it take to receive an EPF advance?
According to the Employees’ Provident Fund Organisation, it takes around 20 days to settle the EPF claim. Employees can receive the PF amount in their bank accounts after the claim is settled.
On the other hand, if an employee doesn’t receive the amount within the stipulated time, he/she can approach the regional PF commissioner or file a complaint on EPFO’s official website using the EPFiGMS feature in the ‘FOR EMPLOYEES’ section.
