For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
Oneindia App Download

New provident fund rules: 75% can be withdrawn from EPFO corpus after one month unemployment

This essentially means that PF account holders get a chance to withdraw sizable portion of the accumulated funds and yet retain the account.

By Vikas
|
Google Oneindia News

There have been some changes in the rules governing withdrawl of amount from Provident Fund. Employees' Provident Fund Organisation (EPFO) on Tuesday tweeted that existing provision of complete withdrawal after two months of unemployment remains unchanged.

Image for representation only

Among other changes in rules, a PF account holder will now be able to withdraw upto 75 percent of outstanding balance from their PF accounts if they have been unemployed for more than a month. Till now, the account holders could withdraw the accumulated funds in Provident Fund account only after two months of unemployment and settle the account in one go.

Under the new provision of allowing 75 percent withdrawal after a month of unemployment, the EPFO member can still keep the account active. The remaning 25% can be withdrawn if the PF account holder continues to remain unemployed for over two months.

This essentially means that PF account holders get a chance to withdraw sizable portion of the accumulated funds and yet retain the account.

"EPFO extends additional facility to unemployed members to avail non refundable advance upto 75 % of outstanding balance in case of unemployed for more than a month. Existing provision of complete withdrawal after two months of unemployment remains unchanged," tweeted EPF India on Tuesday after the meeting of Central of Trustees.

"The decision was taken during the Central Board of Trustees (CBT) meeting that was held under the chairmanship of Union Minister of state for labour and employment (independent change) Santosh Kumar Gangwar," EPF India stated in another tweet.

Currently, an EPFO subscriber needs to contribute to his PF account consecutively for at least 10 years to become eligible for pension. However, if a person closes his or her PF account two months after losing a job, it may affect the person's pension eligibility.

The main benefit of this new provision is that even after withdrawing 75% of the fund, the account would remain active and the account holder can continue with it when he/she finds a new job. The account would be closed only if the remaining 25% is also withdrawn after two months of unemployment.

Employee Provident Fund (EPF) is an integral source of an employee's savings. It is more important for an employee to get the timely receipt of requisite information about his EPF balance which helps him/her in planning for any major expenses either by withdrawing from EPF or by availing a loan against the EPF balance. At the same time, if employees get quick access to the EPF account balance then they will keep updated with the increment in their PF account balance from time to time.

Here are four ways you can check your provident fund balance:

Using EPFO Portal:

Prerequisite - Before checking the EPF balance, ensure that your UAN has been activated by the employer or not. UAN stands for Universal Account Number to be allotted by EPFO. The UAN will act as an umbrella for the multiple Member Ids allotted to an individual by different establishments. All employees should have only one unique UAN Number irrespective of the number of companies they change. Once UAN is activated, then follow the below steps:

  • Open the Official EPFO portal. Click on the tab 'Our Services' and choose "for employees" option from the drop-down list.
  • Now click on the option 'Member passbook' under the option "Services"
  • Once you click on "Member passbook" option following Login page will appear. Here you need to enter your UAN number and password after it has been activated.
  • After logging in, you can access your EPF account.

By Sending an SMS:

Prerequisite - In order to check the EPF balance through SMS facility, then you need to make sure that your UAN number is integrated with your KYC details such as bank account, Aadhaar or PAN. If not, do it yourself or else take help from the employer before checking EPF balance by SMS. Once you linked UAN number with KYC details, you have to follow the below steps:

  • Send an SMS to mobile number 7738299899.
  • You need to send the message as EPFOHO UAN ENG to the above-mentioned number. Here the preferred language is English, so ENG is mentioned [ENG - First three characters of the prefered language]. And if you want to receive the message in Hindi, then type in EPFOHO UAN HIN.
  • Similarly based on your preference, you can receive messages in different languages including English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam, and Bengali.

By giving a Missed Call:

Prerequisite - If you want to check PF balance through missed call service then you need to make sure that your UAN number is integrated with your KYC details such as bank account, Aadhaar or PAN. If not, do it yourself or else take help from the employer before checking EPF balance by SMS.
Once you linked UAN number with KYC details, you have to follow the below steps:
  • From your registered mobile number give a missed call to 011-22901406
  • Soon after you give the missed call you will receive the SMS providing your PF details

By using the EPFO app:

Prerequisite - Before finding out your EPF balance by EPFO app, ensure that UAN number has been activated by the employer. Once it is activated, download the "m-sewa app of EPFO" from google play store to check EPF balance.
  • If you downloaded the app then you need to click on 'Member' and then on 'Balance/Passbook'.
  • Afterwards, you need to enter your registered mobile number and UAN.
  • Once you entered then the system will verify the mobile number against your UAN and will throw an error if it does not match. And if gets matched, you can view your updated EPF balance details.
For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X