EPFO Withdrawal: Major EPFO Rule! Even those employed for less than a year can access their PF; here’s how to check.
EPFO Withdrawal: Can employees who have worked for less than a year withdraw their PF money? Find out about EPFO rules, when a claim can be made, and what points to keep in mind.
EPFO Withdrawal: Many people wonder if they can withdraw their PF money if they leave their job before completing one year. The answer is yes, but it is important to understand certain EPFO rules.
If an employee remains unemployed for two months after leaving a job, they can apply to withdraw the amount accumulated in their PF account. In other words, simply having worked for less than a year does not prevent PF withdrawal.
When can PF money be withdrawn?
According to EPFO rules, if an employee remains unemployed for 60 consecutive days after leaving a job, they can claim their PF balance. If the employee joins another job immediately, the new employer continues the PF account using the same UAN, and there is no need to withdraw the money.
Can the entire amount be withdrawn?
If you have left your job and have not yet found a new one, PF money can be withdrawn under the rules. However, the rules regarding the Employees' Pension Scheme (EPS) differ. If the EPF/EPS service period is less than 10 years, the employee can also withdraw the pension portion as per the rules. Conversely, if the service period is 10 years or more, the EPS amount cannot be withdrawn; in such cases, pension benefits are received according to retirement terms.
How to claim PF online?
Log in to the EPFO member portal.
Go to 'Online Services' and select the 'Claim (Form-31, 19 & 10C)' option.
Verify your bank account details.
Select the appropriate PF withdrawal option based on your requirement.
After the application is submitted, EPFO will verify it.
Once everything is verified, the money will be transferred to your bank account. Keep these points in mind before filing a claim.
Before withdrawing your PF, ensure that your Aadhaar, PAN, and bank account are linked to your UAN. Completing the KYC process is mandatory. Additionally, ensure the bank account details are accurate to avoid any delays in the claim process.
