Are you working for a company with more than 20 people? The employee provident fund is a good thing to know about if you work for a company. A part of your payment goes to the PF. If you work for a company with more than 20 people, you can learn about PF here. Each penny of our hard-earned money must be known. That’s why you need to know this. When it comes to the employer provident fund, we need to look at it.
What is an Employer Provident Fund, and how does it work?
This type of retirement savings system is very popular in Singapore, India, and other countries that are still growing. It is required by law and is run by the government. 401(k) plans and Social Security in the United States are a lot like these funds in some ways, but they’re not the same. They also have a lot in common with pension funds provided by their employers.
As an employee, you have to pay part of your salary into the provident fund. Your employer has to pay on your behalf. It then goes to the government, which stores and manages the money until retirees or their families can get it back. In some cases, the fund also helps people who can’t work.
It is a plan in which people are paid to work, put money into it while working, and get money back when they retire. It is a government-run retirement savings plan for workers. They can put a portion of their pay into their pension fund every month. EPFO watches every step of the way (Employees Provident Fund organization). If a company has more than 20 workers, it must register with the EPFO to get PF. Here is how to get your money out of your PF account if you have been saving for years.
How do I get rid of PF?
There is money in your PF account. Do you want to get it? There are ways you can do that.
1. You can do this at home.
PF withdrawal form: This is an application that you can fill out and send in by mail. It will help you get through the process when you aren’t at home. Download the new composite claim form to get your money. The Composite Claim Form is the best way to make your claim. As long as you have seeded your Aadhaar number and bank account information on the UAN portal, you can use the Composite Claim Form to make a claim (Aadhaar). Please fill out the form and send it to the right EPFO office without the employer’s permission.
There is also a form that you can use to get your money back – the composite claim form for people who don’t have Aadhaar. If your Aadhaar number is not attached to your UAN account, you can use the Composite Claim Form (Non-Aadhaar). Please fill out the form completely and send it to the EPFO office in your area and the employer’s attestation.
2. You can do this from anywhere you are
The EPFO has come up with an internet withdrawal service, which has made the whole thing easier and faster.
UAN number:- Make sure you have it.
Here is how you can get your PF balance out of your account with the help of the internet.
Step 1: Visit the UAN site directly.
Step 2: You’ll need to log in using your UAN and password and the captcha, as previously specified.
Step 3: Go to the ‘Manage’ page and click ‘KYC’ to see whether your KYC information, including Aadhaar, PAN, and bank account information, has been validated.
Step 4: After you’ve validated your KYC information, go to the ‘Online Services’ page and choose ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
Step 5: The following pop-up will show you the member’s details, including your phone number and other service information. Enter your bank account number and click the “Verify” button to ensure it is correct.
Step 6: Select yes to sign the undertaking certificate and continue.
Step 7: Next, click ‘Continue with Online Claim.’
Step 8: Choose the claim you want to make on the claim form. This could be a full EPF settlement, an EPF portion withdrawal (loan or advance), or even a pension withdrawal. In this case, you might not be able to use any of the services because you don’t meet the service requirements.
Step 9: To get your money out, choose “PF Advance” from the menu (Form 31). Include why you need the advance, how much money you need, and where you live.
Step 10: Click on the certificate option to give your application a certificate. You would also have to send in the scanned documents because you filled out the form. Only you will get money in your account if your employer allows you to take money out of your account. It usually takes about 15 to 20 days for the money to show up in your bank account.
Summary
Isn’t it easy to get your PF balance out of the bank? You don’t have to think about it anymore. Now that you know how to do it online and offline, you can choose the best method.