The EPF is conducted by an organization by the Identical name by Government. It is really a social security organization and provides pension benefits to the huge number of the coordinated workforce in the country. Why don't we see that the benefits of it?
Straightforward supply of retirement is one of the benefits of this scheme. Under this scheme, an employee has to make a merchant accounts with the enrolled banks for payment of pension. After the retirement of the worker, retirement is disbursed by the organization to the employee concerned. All banks with tie-ups usually offer a zero balance account to the pension holders. The pensioners usually receive their retirement until the very first day of each and every month.
For claiming the Provident Fund (PF) Amount, a person has to pay a visit to the nearby EPFO office. With the help of advanced technology, the entire process for claiming, submitting and getting the money transferred into the bank account has been made online. Throughout the web claiming of PF, the whole procedure of clearing the PF amount can be easily processed just in 10 days. Before, the debut of internet system the entire official procedure of PF processing has been conducted through the paperwork.
Let us view the incremental procedure to know how to claim your EPF through the online system:
Be certain your phone number is related to your own bank accounts.
Log-in into the EPFO Web Portal and enter the details of your own UAN (Universal Account-number ). If your ID card isn't enrolled using the UAN, then first you might have to process to your e KYC confirmation process. After the complete KYC investigation, you'll be able to proceed further for the PF procedure using EPF India UAN Login. For the internet verification of e-KYC, the authorization will probably send you an OTP (onetime Password) on your phone number for completing the identity verification procedure.
Even the PAN card details have been also compulsory to be filled for availing the internet PF withdrawal solutions. The 3 details i.e. Name, Age and Gender are being cross-verified to get initializing that the PF withdrawal process.
On the monitor, alone page claim form has been shown that should be wholly filled for filing the promising. There are 3 distinct kinds of forms.
Together with each withdrawal assistance, there are a certain set of conditions which have to be fulfilled for availing the power of PF. For claiming and payoff of finalized PF amount, a gap of two weeks from the last period of employment with an organization is required to follow along.
The people who would like to draw the pension requires to meet without a sort displayed on EPFO website. The employee should have worked minimum for 6 months with the company to avail the advantages of pension. The guidelines of the company's contribution to Employees' Pension Scheme are now being related to the retirement withdrawal.
Subsequent to the completion and submission of PF Withdrawal Form on the EPFO portal site, you will notice the PF amount credited to a bank account within a couple of days.
Whether in the case you wish to move the PF money into some other bank account which is not enrolled with EPFO, then you definitely want to embrace the offline procedure of capital transfer.