Every investment is aimed towards three goals: build wealth,have a regular income from a pension and protect the future . Everyone purchases a separate financial item to get these objectives. Employees Provident Fund Organisation is the main statutory social security body under Government of India’s ministry of labour and employment. It is responsible for management and regulation of provident funds in India. Provident fund is mandatory for employees. Provident fund is a retirement saving plan for salaried employees. It is available to those who work for a company with 20 employees. It is a very good idea to save money for retirement. It gives money in case you need it for any emergency situation.
It is introduced by EPFO under the supervision of Government of India .It is directed towards salaried class to facilitate their habit of saving money to build a retirement Corpus. EPF has catered to over 5 crore individuals.
Objectives of EPF
- It ensures an employee has one EPF account.
- Compliance must be made as simple as possible.
- It ensures organisations follow EPFO rules and regulations.
- It assures the dependability of internet services and increases facilities .
- it should be easily accessible online.
- The claim settlement will be lowered from 20 to 23 days.
- it encourage and promote voluntary compliance
Eligibility to apply EPF
- It is open to the public and private sectors.
- All employees can apply to become a member of EPF
- Any organisation that the employees at least 20 is individuals liable to extend the benefits of EPF to employees
- The members of EPF scheme are eligible to avail several EPF benefits, insurance benefits and pension benefits.
- For the financial year 2022 to 23 prefixed rate of interest is 8.1 percentage.
- The interest rate on the investment in PF online account is tax free
- The interest extended on EPF is calculated each month and calculated by dividing the rate by 12.
- You can use the EPF calculator to calculate how much money will build in your EPF account when you retire.
- You can calculate the amount which includes your contribution, employees contribution and investment with interest.
- It has a formula box, you can enter your current age, Monthly pay and allowance, EPF contribution, retirement age up to 58 years to this box.
- The calculator shows the EPF funds available at retirement.
We can see how to withdraw money from PF.It is a very easy method. If you register the PF,after 6 months you can withdraw money from PF online.if you apply to withdraw the money,you will get money within 20 days. But you can transfer money within 3 days to your account. Fill the form 31 and withdraw money from PF.
How to withdraw money from PF account online
- Visit UAN portal
- Select the government official website of EPF
- We need a UAN number and password to sign in.
- If you login to this website for the first time,you can select activate UAN,you can activate it with your UAN number. Otherwise you can select know your UAN option,you will get a UAN number.
- You can select activate UAN.
- Enter UAN or member ID
- Enter aadhar number,name,date of birth, mobile number
- Enter captcha code
- Select get authentication pin
- You will get a message. It has your password.
- Save the password.
- Enter UAN number and password for login
- Enter captcha code
- Click sign in button
- You should do e-nomination.
- You will enter the home page of EPF
- You can see five options.
- Profile contains your personal details.
- You can take a print of UAN card
- You can see all contributions in password
- You can change the password in the account section.
- You can claim in online services.
- You can use form 10D for last settlement claim
- You can use form 10C for withdrawal of pension
- You can use form 19 for withdrawal of EPF
- You can use form 31 for monthly pension- you can withdraw during the time of job.
- You can add two EPF through one member one EPF account transfer requests.
- You can see the status
- Select claim form 31.
- Enter employee name,father’s name,date of birth, mobile number, adhar number, pan number, IFSC code,etc
- Click verify button
- Click proceed button
- Click the purpose of withdrawal.
- Select the service
- Select outbreak of pandemic option
- Enter amount
- Enter address
- Upload scanned copy of passbook or check leaf(100kb to 500kb)
- Select get aadhar OTP
- Enter OTP
- Then claim form submitted
- You can see the status in the track claim status.