Online Withdrawal of Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS)
Employees’ Provident Fund (EPF) and Employees Pension Fund (EPS) withdrawal is a real pain for most of the subscribers. But now online fund withdrawal will be possible. Currently, Subscribers need to wait anywhere between 25 to 35 days for the settlement of their claim. EPFO has issued a notification regarding the same. The online settlement of claim will be made be possible through EPF unified portal which was recently launched by EPFO. Even Claim Transfer while switching jobs is also possible through the Subscriber portal.
*The facility for online withdrawal has been launched but it seems that it may need some more time for configuration before becoming functional. The EPFO has also shortened the timeline for settlement of claims from 20 days to 10 days.
Subscribers through the new Unified Portal may apply for Provident Fund (PF) final settlement (Form 19), Withdrawal of Pension Benefit (Form 10-C), PF Partial Withdrawal (Form 31). Users have to activate their UAN and after logging into their respective account they may apply for withdrawal. However, some guidelines have been laid out for the online withdrawal. The new system not only saves time, but removes the painstaking task of interacting with the intermediaries such as Employer and Regional EPFO office.
Requirements for Submission of Claims Online:
Activation of UAN: Unique Account Number (UAN) needs to be activated on the Unified EPF portal.
Link Mobile Number: Subscribers are also required to link their valid mobile number with the UAN so that they may complete validation of the claim.
Seeding of Aadhaar ID: Once the Subscriber has logged into the portal, he/she requires to submit the Aadhaar ID as part of the KYC documentation which will be approved upon verification.
Bank Account Linking: Subscribers also need to link their Bank Account with the UAN for the settlement of claims. The Bank Account Number along with the IFSC Code should be provided for the transfer of fund into the subscribers account.
Permanent Account Number (PAN) Submission: PAN is also required to be submitted for the settlement of claims in the KYC Section of the Subscribers’ Interface on the portal.
Once the above mentioned document has been submitted and verified by EPFO, Subscribers may apply for the claim.
Process for Applying for Claim Online:
Login into the Unified EPF Portal with the UAN and Password.
Go to the Online Services Tab: Wherein you will find the option to apply for the claim using the appropriate Forms and can also Track the Status of the Claim.
Types of Withdrawal
Full Settlement (Form 19)
Partial Withdrawal (Form 31)
Pension Fund Withdrawal (Form 10 C)
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