A portion of the employee’s salary will definitely go to the Employees’ Provident Fund (EPF) every month. But due to some circumstances people have to withdraw PF money early. PF money to avoid any problems in such a situation..
A portion of the employee’s salary will definitely go to the Employees’ Provident Fund (EPF) every month. But due to some circumstances people have to withdraw PF money early. Know the process of withdrawing PF money so that you don’t face any problems in such a situation.
Who can take PF money?
There should also be some eligibility for withdrawing PF. PF money can be withdrawn only due to these eligibility criteria. You are eligible to withdraw at least 90 percent of the corpus one year before retirement. You can withdraw up to 75 percent of the fund after one month of unemployment. The remaining amount is transferred to the new EPF after the employee gets employed. – You must have UAN number. To withdraw money from EPF you must link your bank details including Aadhaar, PAN to your UAN.
People need to submit following documents to withdraw EPF?
- Applicant needs KYC documents attested Aadhaar Card, Voter ID, Passport or Driving License.
- Canceled check or bank passbook, any other document used to verify the applicant’s bank account details.
- ITR Form 2 and ITR Form 3 are required if the employee withdraws EPF before 5 years of continuous service.
- Bank account details
To withdraw money from your EPF account online you need to link your mobile number with your Aadhaar card number. Then note that withdrawals can easily be done online. You do not need to visit your previous employer or Employees Provident Fund Organization (EPFO) office for verification.
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