Provident Fund Withdrawal Information Available has given below like What is PF Withdrawal, Checklist of PF Withdrawal, and Online Provident Fund Withdrawal, Old and New Form PF Withdrawal and More.
If you need to withdrawal the pf amount then the employee should check some information.
PF withdrawal with the new form
A person retiring from the same company which he/she joined at the beginning of his/her career is not quite common anymore. We could have imagined it if we were living in the 19th century but in the 21st century, it is impossible. The workplace of a person changes frequently, especially in the private sector. Shifting from one job to another involves many paper works and PF transfers. In the earlier, PF transfer was a tedious job but now with the introduction Universal Account Number, it has become a matter of seconds.
Every individual who is shifting from one job to another has two choices either to close the PF account or to transfer it to the new account. Well earlier PF transfer involved paperwork like getting the transfer form from the old employer and submitting it to the new one. However, in the new era, the launch of an online self-service portal by EPFO has made the process easier and hustle-free. Below are some advantages of PF transfer.
Fund transfer was always allowed by the Employee Provident Fund Organisation. However, it was hectic and time-consuming as the employee had to get a Form 13 filled signed by his/her employer and submit it to the new employer. While sending the Form 13 by courier or post, it would have gone lost or misplaced leading to an increase in the numbers of dormant account with the EPFO. An estimate as of March 2013 by EPFO showed that around Rs 22,000 crores were lying with the EPFO as dormant. Since the accounts were dormant, it didn’t receive any interest too.
However, with the change in technology, we have found that EPFO has introduced a new scheme in October 2013 by which an employee can transfer his provident fund via online without much hustle. Since the launch of this new online portal around 1.15 lakh employee has applied for their PF transfer. Around 99,000 claims have been settled while 8,900 claims are been rejected due to some issues. You can clearly see that the number of success is greater than the number of failures. Seeing the success, the government issued Universal Account Number for every employee. This brings all the accounts of an employee under one head. Now, you can submit the Form 13 to any of the two employers, i.e., present and ex. However, this is possible only when your present employer carries a good sign of trust.
This will guide you on how can you transfer your PF using the online portal provided by the Employee Provident Fund Organisation. Just follow the steps properly. Any mistake can create difficulties or error in the end.
Make sure you have your Universal Account Number or UAN. If you don’t have it, contact your employer and ask for it.
That’s how you can do the PF transfer using the online portal. It may appear difficult but it is way easier than the old way of PF transfer.
In the recent times, employees have faced vast issue regarding emergency withdrawals of Provident Funds. Usually, the employers ignore their request. In order to remove this issue on the part of the employees, EPFO has introduced a new portal known as “Claim Portal”. If you are one of the employees who is facing problems with their PF withdrawal follow the steps mentioned below:
While there some good deeds for employees, there are even some good deeds for the employers too. The Employee Provident Fund Organisation introduces certain restrictions on the withdrawal of PF. You should be aware of this.
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