EPF Withdrawal: How to withdraw provident fund without employer’s approval? How many days it takes EPFO to process claim?
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The Employees’ Provident Fund Organisation (EPFO) governs the rules regarding the Employee Provident Fund, which is a mandatory savings and retirement scheme for eligible employees. Under the EPFO, employees contribute 12% of their basic pay each month, with their employer matching this amount. The funds earn interest annually.
Employees can withdraw their entire EPF balance upon retirement; however, there are also provisions that allow for early withdrawals under specific conditions.
Types of EPF withdrawal – When can you withdraw EPF?
Understanding the rules around EPF withdrawals is essential for employees planning their finances. Below are the circumstances under which employees can make complete or partial withdrawals from their EPF corpus.
Complete PF withdrawal:
Employees can withdraw their entire EPF balance in the following situations:
Retirement: The full EPF corpus can be withdrawn upon reaching retirement age.
Unemployment: If an individual remains unemployed for more than two months, they are eligible to withdraw 100% of their EPF corpus. Additionally, under new rules, individuals unemployed for more than one month can withdraw up to 75% of their EPF balance.
Partial PF withdrawal:
Employees may also withdraw a portion of their EPF funds under specific conditions related to their service tenure and purpose of withdrawal. These specific conditions include – Construction/purchase of house, medical treatment, repayment of home loan, renovation of house and wedding.
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EPF withdrawal process without employer’s signature:
Withdrawing EPF amount without the employer’s signature is possible and it can typically be completed within 15 working days after submitting the claim online. To initiate this withdrawal, you will need to provide the necessary forms, which include the Composite Claim Form (Aadhaar) or Form 19 for final settlement, Form 10C for pension withdrawal, and Form 31 for partial withdrawal.
To qualify for an EPF withdrawal without employer approval, ensure that you have an active Universal Account Number (UAN), that your KYC details are linked and verified, and that your mobile number is registered with your UAN. If these conditions are met, you can successfully withdraw your EPF amount without requiring your employer’s signature, making the process more convenient for employees.
Documents required for EPF Withdrawal:
To successfully withdraw your EPF amount, you need to provide the following documents:
Universal Account Number (UAN): Your unique identification number for EPF accounts.
Bank Account Information: Details of the bank account where the EPF amount will be transferred.
Identity and Address Proof: Valid documents that confirm your identity and current address (such as Aadhar card, passport, or voter ID).
Cancelled Cheque: A cancelled cheque that includes the IFSC code and account number to facilitate the transfer.
How many days it takes the EPFO to settle or process a provident fund claim?
According to the EPFO, it takes around 15-20 days to process the EPF claim and transfer the amount to the applicant’s bank account.
If the process is delayed ad the applicant doesn’t receive the amount within the specified time, the member can ask the regional PF commissioner about the delay. The member can He or she can also file a complaint on EPFO’s official website regarding this.
