EPFO Withdrawal: The Employees’ Provident Fund Organisation (EPFO) regulates the Employee Provident Fund (EPF), a compulsory savings and retirement scheme for eligible employees in India. Under this scheme, employees contribute 12 per cent of their basic pay each month, with their employer matching the contribution. The funds accrue interest annually.
While the full EPF balance is available upon retirement, the EPFO also allows for early withdrawals under specific circumstances.
Read More: EPFO Adds Highest-Ever 19.94 Lakh Members In July, 3.05 Lakh New Female Members Joined EPFO
When Can You Withdraw EPF?
It is crucial for employees to understand the rules surrounding EPF withdrawals to manage their finances effectively. Here’s a breakdown of the situations where complete or partial withdrawals from the EPF are allowed.
Complete PF Withdrawal
Retirement: Employees can withdraw their full EPF balance upon reaching the retirement age.
Unemployment: If an employee is unemployed for over two months, they are eligible to withdraw 100 per cent of their EPF balance. Under new rules, those unemployed for over one month can withdraw up to 75 per cent of their EPF.
Read More: Employee Provident Fund: Benefits and how to check your balance
Partial PF Withdrawal
Employees can also withdraw a portion of their EPF funds for specific reasons, including:
- Purchase or construction of a house
- Medical treatments
- Repayment of home loans
- Home renovation
- Wedding expenses
EPF Withdrawal Without Employer’s Signature
Withdrawing EPF without the employer’s signature is possible, with claims typically processed within 15 working days when submitted online. Employees need to provide the Composite Claim Form (Aadhaar) or Form 19 for final settlement, Form 10C for pension withdrawal, and Form 31 for partial withdrawal.
To qualify, employees must ensure their Universal Account Number (UAN) is active, KYC details are linked and verified, and their mobile number is registered with the UAN.
Read More: EPFO Pension: EPS has 7 different types of pensions – Here’s a complete overview
Documents Required for EPF Withdrawal
Employees must provide the following documents to complete their EPF withdrawal:
- Universal Account Number (UAN)
- Bank account details for fund transfer
- Identity and address proof (Aadhaar card, passport, or voter ID)
- Cancelled cheque with IFSC code and account number
- Processing Time for EPF Claims:
The EPFO typically processes EPF claims within 15-20 days. If there is a delay, employees can contact the regional PF commissioner or file a complaint on the EPFO’s official website.
This system aims to streamline EPF withdrawals, ensuring a smoother process for employees planning their post-retirement or unemployment financial needs.
