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Business News » India News

Retirement fund body EPFO launches one page EPF claim withdrawal form

Retirement fund body Employees’ Provident Fund Organisation(EPFO) has started a simplified one page claim withdrawal form for withdrawing money from EPF accounts.

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Retirement fund body EPFO launches one page EPF claim withdrawal form
Bandaru Dattatreya, Minister of State for Labour and Employment, Government of India. Image Source: IANS/PIB
Written By: ZeeBiz WebTeam
Updated: Mon, Feb 27, 2017
03:11 pm
Mumbai , ZeeBiz WebDesk
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Highlights:

1. For EPF subscribers whose Universal Account Number (UAN) is linked to their Aadhaar and bank account number,  they can approach the EPFO directly for claims, bypassing the employers

2. In case of full withdrawal from EPF accounts, subscribers are required to mention only their names, registered mobile number, UAN, Aadhaar number, date of joining and leaving the company  

3. For partial withdrawals from EPF accounts, subscribers are not required to submit extra documents 

With an aim to provide withdrawal ease to its EPF subscribers, retirement fund body Employees’ Provident Fund Organisation(EPFO) has started a simplified one page claim withdrawal form, The Hindustan Times reported. 

Employees' Provident Fund (EPF) allows withdrawal if subscriber is unemployed for at least two months or partial withdrawals for events such as medical emergencies, children’s education or buying a house, cited The Hindustan Times report on Monday.

For EPF subscribers whose Universal Account Number (UAN) is linked to their Aadhaar and bank account number, they can approach the EPFO directly for claims, bypassing the employers, it said. 

Earlier, EPF subscribers had to fill up form 19 for complete withdrawal, form 10C for pension fund scheme certificate to retain membership of Employees’ Pension Scheme or to claim withdrawals, and form 31 for partial withdrawals. 

Now, with the EPFO's introduction of the new form called the composite claim form all forms have been merged into one. It has launched two types of EPF withdrawal forms- Aadhaar and non-Aadhaar forms. 

The Aadhaar-based composite form is meant for individuals who have activated their UAN and linked it with their Aadhaar and bank account number, and whose details are embedded in the UAN portal, the news report said. 

ALSO READ: Retirement fund body EPFO to launch housing scheme for over 4 crore subscribers in March

According to the report, in case of full withdrawal from EPF accounts, subscribers are need to mention only their names, registered mobile number, UAN, Aadhaar number, date of joining and leaving the company. 

Moreover, for partial withdrawals, there is no longer need of extra documents. Subscribers have to mark the purpose for which they need the money and how much. Sign the form, attach a cancelled cheque and then the subscribers can go ahead. 

 

The non-Aadhaar form needs details of EPF subscribers such as date of birth, father’s name and bank account details. It has to be signed by subscribers and their employers.

The report citing the new form further stated that for partial withdrawals subscribers do not have to submit proof. 

For instance, if partial withdrawal was for a wedding (of self or children), EPF subscriber had to give supporting documents such as the wedding invitation card. In the new form, subscriber's signature is enough. But there is a disclaimer at the bottom which states that if the funds are used for any other purpose, the subscriber is liable to return the money with penal interest.

But if partial withdrawal is for a medical emergency, subscriber still need to submit proof like medical certificate and certificate by the employer that employees’ state insurance (ESIC) facility is not available to the member, it added. 

EPFO plans to launch an online facility from May this year for withdrawals, but this can only be used by individuals with Aadhaar and bank account-linked UAN, cited the report. 

ALSO READ: EPFO introduces common form for different types of withdrawal 

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TAGS:
one page EPF CLAIMwithdrawal formEconomyEPFOEPFUniversal Account NumberuanEmployees’ Provident Fund OrganisationEmployees' Provident FundEmployees’ Pension Schemepartial withdrawalsaadhaar formsnon-aadhaar formsAadhaar numberemployees’ state insuranceESIC
RELATED NEWS
Retirement fund body EPFO to launch housing scheme for over 4 crore subscribers in March Retirement fund body EPFO to launch housing scheme for over 4 crore subscribers in March
EPFO introduces common form for different types of withdrawal EPFO introduces common form for different types of withdrawal
EPFO makes Aadhaar mandatory for its pensioners, members EPFO makes Aadhaar mandatory for its pensioners, members
Deadline extended by 3 months for companies to get registered with EPFO: Labour Ministry Deadline extended by 3 months for companies to get registered with EPFO: Labour Ministry
Retirement fund body EPFO likely to retain 8.8% interest on EPF for FY17 Retirement fund body EPFO likely to retain 8.8% interest on EPF for FY17

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