Report Wire - How can I withdraw cash from EPFO?

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How can I withdraw cash from EPFO?

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I resigned my job in September 2017 and my final contribution to EPFO (Employees’ Provident Fund Organisation) was in August 2017 , on the age of fifty years. I joined one other job in January 2018 and commenced contributing to the corporate’s PF Trust. I’ve not withdrawn any cash from the EPFO to date. How lengthy will I get curiosity on the cash deposited with EPFO to date by the sooner firm? How do I withdraw the cash from EPFO? Should I switch the proceeds to the brand new firm’s PF Trust?

—Seema Madan

 

As per the brand new guidelines of the ministry of labour & employment, your account will obtain curiosity in your EPF account as much as the age of 58 years. Hence, you’ll obtain curiosity even when there is no such thing as a contribution in your earlier EPF account.

Since your PF account is maintained by a Trust, the institution could also be exempted from the EPF Scheme 1952. You can view the standing of your institution by going to PF institution search. Go to EPFO web site; thereafter, go to ‘Services’> ‘For Employers’> ‘Establishment Search’ (Under head ‘Services’). Then enter the small print of the current institution (title or PF code) to view the standing of the institution.

To switch the funds out of your earlier account to the present PF account maintained by the businesses Trust, it is advisable apply on-line to EPFO for switch. However, you should be registered on the member portal of EPFO to file a web-based switch declare utility. For on-line PF switch, comply with the beneath steps:

Step 1: Log in to EPFO member portal.

Step 2: Now click on on ‘One Member – One EPF Account (Transfer Request)’ underneath ‘Online Services’ tab.

Step 3: Verify your private data and PF account of current employment.

Step 4: If you click on on ‘Get details’, earlier employment particulars would seem.

Step 5:You can select both your present employer or earlier employer for testifying the declare type. However, if the current institution is exempted, the member can submit the declare solely by means of the present employer because the checking account no. and IFS Code of the exempted Trust can be required to be furnished to switch PF accumulations to the checking account of Trust.

Step 6: In the following step, click on on ‘Get OTP’ to obtain OTP to UAN registered cell quantity and click on on submit.

Archit Gupta is founder and CEO, Clear Tax.

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