Established as a long-term investment plan for salaried individuals by the Government, the Employees Provident Fund consists of contributions made by employees, employers and occasionally the Government itself. It aims towards offering an adequate amount of financial assistance to registered employees after retirement. In simple terms, the amount accumulated in the PF account, as well as the interest earned, by an individual can be used as financial protection after retirement age.
When Can EPFO Members Withdraw Money?
Under these three conditions, a person can withdraw EPFO money:
- He or she can withdraw the PF amount after retirement. This means on or after the age of 58 years.
- If a person is unemployed for more than 2 months.
- In case of the death of the EPFO members before the age of retirement. The amount will be credited to the nominee.
Policy Changes Made Due to Corona Outbreak
“However, the EPFO amended several withdrawal policies for those with financial difficulties in the wake of the coronavirus outbreak. According to the new regulations, PF account holders may withdraw up to 75% of their net account balance or three months’ worth of their basic pay and dearness allowance, whichever is less. To enable the withdrawal of PF funds by a person facing unemployment before retirement due to shutdown or retrenchment, a substantial adjustment was implemented,” mentioned News18.
Also read:
Now EPFO Members Can Now Withdraw Partial Payments
Complete Process for Withdrawing Partial Funds For EPFO Members
- First, visit this link and log in to the official portal of EPFO.
- Now, from the ‘Service’ menu tab, select the ‘Employees’ option.
- Next, on the new page select the ‘Member UAN/Online Service (OCS/OTCP)’ option.
- Then, log in to the portal by entering your UAN, and password, and complete the captcha process.
- Go for the KYC option which will be mentioned under the Manage tab.
- Now you will be directed to a new page where you can verify your KYC information.
- Then select ‘Online Service’ from the top menu options.
- A drop-down menu will be opened, now you will have to select CLAIM (FORM-31, 19 & 10C).
- Fill out the form, enter all the details correctly and submit the form to complete the claiming process.
