You can withdraw the EPF once you leave the organization after filling Form But period of transfer is recorded. Lifelong pension is available to the member. Upon his death, members of the family are entitled for the pension. EPF Account Number : The account number should have the Region Code two alphabets , Office Code three alphabets code number maximum 7 digits , extension sub code, if any, maximum three characters and account number maximum 7 digits.
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Withdrawing money from EPS account: All you need to know. All rights reserved. For reprint rights: Times Syndication Service. Personal Finance News. Vodafone Idea. Market Watch. Pinterest Reddit. By Sunil Dhawan. The total EPF balance includes the employee's contribution and that of the employer, along with the accrued interest.
In addition, he will be eligible to get the Employees' Pension Scheme EPS amount as well depending on the years of service. But what if someone decides to quit his job before reaching 58? Under the existing rule, employees who resign from a job before they turn 58 years of age can withdraw the full PF balance and the EPS amount depending on the years of service , if he is unemployed for 60 straight days two months or more after leaving a job.
With regards to EPS, the lump-sum withdrawal amount is allowed if the service period is less than 10 years. This certificate mentions pensionable service, pensionable salary and the amount of pension due on the exit of employment.
Before you start the withdrawal process make sure all your previous PF accounts are merged into one. The total service in the present establishment as well as previous organisations will be taken into account and therefore, it is advisable to merge your accounts. To read about how to merge all previous PF accounts, click here.
The withdrawal process To withdraw the PF balance and the EPS amount, the EPFO has launched a 'composite form' to take care of withdrawals, transfer, advances, and other related payments. The withdrawal process becomes simpler and less time-consuming if you have your Aadhaar number with you. How to start the withdrawal process Here is how you can initiate the withdrawal both with and without Aadhaar.
Remember, you will be required to visit regional EPFO office to submit the duly filled form along with cancelled cheque of your bank account. As per the instructions mentioned on the form, you are not required to submit any documents along with the form. Withdrawing using Aadhaar card number: If your UAN is already linked to the Aadhaar, then you can submit the withdrawal claim online on the Member e-Sewa Portal or by visiting the regional EPFO office along with duly filled this composite form.
If you are planning to visit the EPFO office to submit the duly filled form, then ensure that you have submitted complete details in Form11 New to your employer, Aadhaar card number and bank account details are available on the UAN portal, and the UAN has been activated.
For filing claim on the online portal, login to your account and go to online services and select claim option. See which one fits you and choose the form accordingly. Withdrawing PF balance only and reduced pension age ; over 10 years of service 4.
Withdrawing PF balance only and full pension After 58 1. If you plan on re-joining the workforce, you may opt to get the 'scheme certificate' by furnishing Form 10C. Pension is to be paid from age 58 while a reduced pension can be paid from age One may opt for early pension reduced proportionately after 50 years, provided one has completed 10 years of service. Withdrawing PF balance and reduced pension age over ten years of service You can only get pension after turning 50 years of age and have rendered at least 10 years of service.
If your service period has been more than 10 years and you are between the age of 50 and 58, you may opt for reduced pension. Withdrawing PF balance and full pension After 58 After 58, you have to submit the same Form 10D to claim the full pension. To know more about EPS, scheme certificate and pension calculations, click here. What you should do It is advisable to transfer your PF balance when you change jobs as it is a form of forced savings.
For those who are still in service and have not started their own business, it is better to transfer the PF balance to the new employer. The transfer process has been made automatic, click here to know about it.
And if you have quit to start your own business, the entire balance in your EPF account can be transferred to the National Pension Scheme. However, if you are planning to keep the EPF corpus untouched then remember that after leaving job, the interest earned on the balance will be taxable in your hands. So, to avoid the interest getting taxed, you will have to either transfer the PF balance to the new employer or withdraw the amount at the earliest after the exit.
With inputs from Preeti Motiani. Read more on PF balance. PF withdrawal. Provident Fund. Aadhaar card. Add Your Comments. Follow us on. Download et app.
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EPF Form 10D: Instructions, How to Download & Filling Procedure
Withdrawing money from EPS account: All you need to know. All rights reserved. For reprint rights: Times Syndication Service. Personal Finance News.
How to withdraw PF and EPS money after leaving your job
You can find the Form 10D for claiming monthly pension. One can also check the status of EPF claim and balance etc. Online facilities such as submission of Challan, establishments search and e-return tool etc. Users can get information on the Act, its objectives, short title and commencement. Information related to sections of the act is also given.
EPFO simplifies form 10-D to fix pension without employers' attestation
EPFO to disburse restored pension from next month. Banks adopting different procedures while releasing pensions: Government. All rights reserved. For reprint rights: Times Syndication Service.