EPFO Withdrawal: The need never comes without warning. Any person can get trapped in emergency situations at any time. Financial problems can appear in any form. Maybe you want to buy a house, need money for your children’s education or have lost your job. In such a situation, you may be worried about money. However, if you are salaried then you do not need much tension.
The biggest security for salaried people
Every salaried person’s PF gets deducted. You can check this in the salary slip. This is an important component of your salary. Under this, every month a part of your salary is deposited with EPFO, in which both the employee and the employer contribute. This is a big social security, which comes as a help to salaried employees in times of trouble.
Money comes in handy in these situations
EPFO provides the facility to withdraw PF money under many circumstances. You can withdraw PF money partially or completely as per your need and circumstances. When people faced financial problems during the Covid-19 pandemic, EPFO provided the facility of Covid advance. Apart from this, you can also withdraw PF money for the needs like buying a house, repairing the house, children’s education, children’s marriage etc.
You can withdraw even if you lose your job
EPFO provides the facility to withdraw PF money even in case of job loss. If you have been unemployed for a month, you can withdraw a part of the PF money. In this situation, up to 75 percent of the total amount can be withdrawn. In case of being unemployed for more than two months, the entire PF amount can be withdrawn.
Process to withdraw money from online PF:
- Visit the member portal of EPFO.
- Click on Services option in the menu.
- Click on For Employees.
- Select Member UAN/Online Service (OCS/OTCP).
- Login with the help of UAN and password.
- Select CLAIM (FORM-31, 19 & 10C) in Online Services.
- Verify the bank account number.
- Accept the Certificate of Undertaking.
- Click on Proceed for Online Claim option.
- In the new form, select PF ADVANCE (FORM – 31) from the dropdown in front of I want to apply for.
- Explain the reason for withdrawing money and the amount required.
- The process is complete as soon as you mark the checkbox.
- Note down the reference number to check the status later.
Income Tax Raid: What happens to the money found in Income Tax raid, 90 percent people do not know
