The EPF is conducted by a Company by the same name by Government. It’s a social security organization and offers pension benefits to the massive number of coordinated workforce from the nation. Let us see the advantages of this.
Simple supply of pension is among the benefits with this scheme. Under this strategy, a worker has to make a free account with any of the registered banks to get payment of retirement. After the retirement of the employee, retirement is disbursed by the organization to the employee concerned. All banks with tie ups usually offer you a zero balance accounts into the pension holders. The pensioners usually obtain their retirement before the very first day of each month.
For claiming the Provident Fund (PF) amount, a person has to pay a visit to the local EPFO office. With the aid of advanced technology, the whole process for claiming, submitting and obtaining the cash transferred into the bank account has been made online. During the on the web claiming of PF, the full procedure of clearing the PF amount can be easily processed just at 10 days. Before, the introduction of online system the entire official procedure of PF processing has been completed through the paper work.
Let’s view the step-by-step process to know how to claim your EPF through the Internet system from EPFIndia Website:
Make sure your phone number is related with your bank accounts.
Log-in into the EPFO web-portal and enter the details of your UAN (Universal Account Number). If in case your NID card is not enrolled with the UANthen initially you are going to have to process for the e KYC confirmation process. After the comprehensive KYC investigation, it is possible to proceed farther to that PF procedure. For the online verification of e KYC, the authorization will send you an OTP (one time Password) in your own telephone for completing the identity confirmation process.
The PAN card details are also mandatory to be filled for availing the online PF withdrawal providers. The three details i.e. Name, Age and Sex are increasingly being cross-verified for initializing that the PF withdrawal procedure.
On the screen, a lone page claim form is being displayed that should be wholly filled for submitting the asserting. There are three different types of forms.
Together with each withdrawal assistance, there really are a certain group of requirements that need to be fulfilled for availing the power of PF. For asserting and settlement of PF amount, a difference of two weeks from the final period of employment with the organization is required to follow along.
The people who would like to draw the retirement needs to meet with a form displayed on EPFO site. The employee must have worked minimum for six months with the organization for availing the advantages of retirement. The guidelines of company’s contribution to Employees’ Pension Plan are now being related on the pension withdrawal.
After the completion and entry of PF withdrawal Type over the EPFO portalsite, you will understand that the PF level credited to your bank account within a couple of days.
If in case you wish to transfer the PF money into some other bank account which is not registered with EPFO, then you definitely will need to embrace the offline procedure of funds transfer.