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Purpose and limits of PF Amount Withdrawal
Hemlata Khandenwal / 2020-03-13 02:29:44
Introduction
An application to withdraw money from a PF account that has PF registration online can be made only if you are unemployed or retired. 75% of the money can be withdrawn from the EPF account after 1 month of unemployment and 25% of the rest after 1 month. you can fill the claim online EPF withdrawal form to withdraw money. but you can apply online only when your Aadhaar is linked with your UAN. the EPFO operates directly under the jurisdiction of the government and is managed by the ministry of labor and employment.
How much money can be withdrawn from the EPF account?
It depends on what purpose is withdrawing money from.
Purpose to withdraw EPF amount
Withdrawal limit
Medical
Small portion of the total amount or six times the monthly salary
Wedding
50% of PF contribution
Home loan payment
Up to 90% of EPF
Home repair
12 times monthly salary
Retirement
Total EPF Amount
Unemployment
75% can be withdrawn after 1 month of unemployment and 25% of the rest after 1 month.
EPF Withdrawal Form
When applying online to withdraw money, you will get three EPF withdrawal forms.
PF Advance (Form- 31)
Only PF Withdrawal - Form 19
EPF Advance Withdrawal - Form 31
An EPF member can withdraw part of the amount deposited from the EPF account by filling Form 31 in an emergency even while doing the job. Even if you are withdrawing money due to unemployment, you will still have to fill Form 31. The reason for withdrawing money should be written in the form. Approval of application amount depends on the amount withdrawn amount and how much money is deposited in the EPF account.
EPF Final Settlement - Form 19
This form is filled after retirement to withdraw the entire amount deposited in the PF account. It is also known as the 'Final Statement'. You have to fill your personal and application information like date of leaving company/institute, the reason for leaving job, date of joining the job, PAN, UAN, and Aadhaar number, bank account information, postal address, etc.
Composite Claim Form
To apply for withdrawal of money offline, you have to fill the Composite Claim Form which fulfills the purpose of three forms, Form 19 (for PF), Form 10 C (for Pension) and Forms 31 (part of PF Amount)
If you need any help on the EPF Registration feel free to contact us +91 8766393412, Our Business adviser will clear your doubt.