Know About the New Rules And Regulation For EPF Withdraw

If you are a salaried employee then there might have been times when you needed funds and you might have borrowed or taken a loan from someone else. During those moments, you may have found yourself in difficulties or discomfort. In May 2024, EPF issued new guidelines, to ensure that you do not have to face this problem again in the future. What are those rules and regulations, let us know with Pooja Patel.

Pooja Patel, a famous finance influencer, highlights the new rules of EPF, where a salaried employee can easily withdraw their EPF ( Employees' provident fund) deposit before retirement. Whether it's for any emergency like- medical, marriage, housing, or education. This claim will be settled in 3-4 days after applying. This new rule provides employees with easy and rapid access to their valuable savings when they need them most. Let; 's understand it in detail. 

What is EPF? 

EPF ( Employee Provident Fund) is a retirement savings scheme that is available to all salaried employees in India. The scheme is applied by the Employee Provident Fund Organization (EPFO), which is a regulatory body under the Ministry of Labour and Employment, Government of India. The EPF scheme requires both the employer and employee to contribute 12% of the employee's basic salary towards the fund. 

New Rules of PF Withdraw: 

According to the new updated regulations, PF account holders can withdraw an amount equal to three months of their basic salary plus dearness allowance or 75% of the net balance in their Epf account.

How to Apply?

• Access the UAN Portal: Visit the official UAN (Universal Account Number) portal to begin the process.
• Secure Login: Use your UAN and password for logging into the portal. 
• KYC Verification: After successful login, select the ‘manage' tab and choose ‘KYC' from the list. This step is important for verifying your KYC details, including Aadhaar, PAN, and bank information.
• Start the Claim Process: Post KYC verification, and move to the ‘online services' tab. Here, you will find the option ‘Claim (Form-31, 19, 10C, and 10D)'.
• Verify Member Details: The coming screen will present your member details, KYC information, and other service-related details.
• Certificate of Undertaking: Agree to the certificate of undertaking by clicking on ‘Yes'.
• Proceed With Online Claim: Choose the ‘Proceed for Online Claim'.
• Select Claim Type: Within the claim form, specify the type of claim you wish to file under the ‘I want to apply for' tab. Options include Full EPF settlement, EPF partial withdrawal (loan or advance), and pension withdrawal.
• Specify Claim Details: For claims like PF Advance (Form 31), indicate the purpose of the advance, the desired amount, and your current address.
• Submission and Documentation: Finalize your application by clicking on the certificate button.

The New Auto-Mode Settlement Brings Several Advantages:

• Quick Processing: Claims are settled within 3-4 days instead of the usual 10 days.
• No Human Intervention: The IT system handles all aspects of the process.
• Higher Limits: Advance claims can now go up to Rs 100,000.

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With these new rules, a salaried employee can truly get relief or a safety net during times of need, offering peace of mind and financial stability across the country.