Any member can also apply for PF Final Settlement, Pension Withdrawal Benefit and PF Partial Withdrawal using the online facility of EPFO.
Employees’ Provident Fund (EPF) is a savings scheme for salaried people. In this people are guaranteed to get returns. If you have changed your job, then while joining a new job, keep in mind that your old EPF balance is transferred to the new account of the existing employer. Because a new EPF account is opened in a new company. However, the Universal Account Number (UAN) remains the same.
The government started the EPF scheme in 1952 as a compulsory savings scheme. In this, both the employees and the employers have to contribute regularly. In the EPF account of the employee, 12 percent of his basic salary is deducted and deposited in his account.
How to do online transfer
- Login to your EPF account online with your UAN and Password.
- Go to ‘Online Services’
- Select ‘One Member – One EPF Account Transfer Request’ from the drop-down menu.
- Re-enter your UAN or old EPF member ID.
- After this your account details will be displayed on your screen.
- Select the option to transfer the amount deposited in the current or old account.
- Now select the old account and generate One-time Password (OTP).
- Once you enter the OTP, a request will be sent to your employer to process the transfer online.
- You can check the EPF transfer claim status under the ‘Track Claim Status’ menu under the ‘Online Services’ menu.
- For offline transfer, fill Form 13 and submit it to your old or existing employer.
Any member can also apply for PF Final Settlement, Pension Withdrawal Benefit and PF Partial Withdrawal using the online facility of EPFO.
In how many days can withdraw PF money
Many times people withdraw the amount deposited in their PF account during the job even before retirement. In such a situation, if there have been applications for withdrawing money from PF account, then your claim will be processed in 20 days. However, due to the corona virus, there were many changes in the rules of PF withdrawal. If you want to withdraw money from PF account on the basis of conditions related to corona virus, then money will come in your account in 7 days or even 3 days.
Interest is calculated on the basis of monthly running balance deposited in the EPF account every month. But it is deposited in the account at the end of the year.
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