One Page EPF withdrawal
Here is a great news for all EPF account holders. EPFO has come up with new and revised one page EPF and EPS withdrawal forms using this forms process is now very easy and can happen without employer signature or any involvement. Now an employee can directly submit their EPF withdrawal forms and the settlement will happen directly into their bank account.
EPFO has earlier come up with the concept of UAN with is the first step toward unlink EPFO from employer to some extent. Towards second step they have come up with one-page EPF withdrawal forms
Let’s study each form, usage and limitation:
- Form 19 UAN (download) – For 19 UAN can be filled to withdraw employee’s PF balance part at the time of retirement or left your job. Under new notification, if the applied employee will be allowed to withdraw only his own part from accumulated PF balance. But still, more clarification is required from EPFO and ministry of labor about new notification. As per previous conditions , the employee is allowed to withdraw PF accumulated balance if he is unemployed for consecutive 2 months. So in case you just change a job and join a new company within 60 days, you can not officially withdraw from EPF, You need to apply for EPF transfer in that case.
- Form 10-C UAN (download) – For the 10-C need to submitted by employee after attaining retirement age and to start pension. EPS account is a separate account linked to your EPF which is for the purpose of pension. Note that one is allowed to withdraw from EPS only if your EPF is not more than 10 yrs old.
Limitation of new UAN forms?
The new EPF forms can be used by only those an employees who fulfill following two conditions
- Employee must have activated UAN status
- And employee’s KYC details (especially bank account number) must be updated and verified by employer in EPFO portal using digital signature
If the above two points are true for any employee, only then they can use these new EPF withdrawal forms.