EPF or Employees Provident Fund consists of contributions made by an employer/s and contributions made by the employee. This amount also includes accrued interest.
Eligibility For EPF
- To be eligible for EPF withdrawal, an individual needs to retire after they turn 58. Or the day after their 58th Birthday.
- An individual can withdraw their EPF funds before attaining 58 years if he/she is unemployed for 60 days. Or unemployed for 2 months or more after leaving a job.
- A person can also withdraw PF along with EPS if the employee has worked for a period of less than 10 years.
How To Withdraw PF?
- An individual can fill up a Composite Claim Form (Aadhar) to the EPFO Office. An applicant need not submit an attestation of claim form (issued by employers).
- A canceled cheque must be submitted with the form because the PF balance is sent directly to the applicant’s bank account.
- Some of the prerequisites include submitting Form 11 to the employer and activating UAN. Aadhaar card number and bank account details should be entered and updated on the UAN site.
- An individual can opt for withdrawing their PF balance and EPS amount with below 10 years of work service. (Form 10C)
- They can also opt for PF balance and EPS amount with above 10 years work experience. (Form 10C)
- An individual can withdraw their PF balance and full pension after attaining the age of 58. An individual can also withdraw their balance and partial pension if they are between 50 to 58 years old with 10 years of work experience. (Form 10D)
- An individual will be required to fill out a Composite Claim Form (non-Aadhaar). This is if they have their PF number and not their Aadhaar number.
- If the service period is less than 5 years, then an individual must give their PAN number and copies of Form 15G/15H.
- UAN is applicable only if available.