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Thursday, June 13, 2024

How To Withdraw PF Amount After Quitting The Job

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You may not know, but the Provident Fund(PF) is anytime the best option to save money without any kind of inconvenience and failure. PF has plenty of benefits, and this is designed for salaried people. Since you have been working for a company, they should make sure you are enjoying the retired life. PF can be withdrawn once you are retired after 60 years of working or switching your profession or job! The total amount includes the employees’ contribution as well as employer, and the interest will be added! 

If you get any sudden urgency and want to withdraw the PF amount, you may get in touch with a PF ESI Consultant, and they will surely help you withdraw the amount. However, today we will also help you with some of the procedures to withdraw the amount! If you are planning to withdraw the amount, you should make sure all your PF accounts are merged into one. If you have kept switching jobs, then you may have more than one PF account, and that’s why you need to merge them all.

Let’s get started with the withdrawal process!

If you want to withdraw the PF balance, you will have to get the composite form that has been introduced by the EPFO. However, you will get the form from a PF ESI Consultant as well! This whole withdrawal process eventually becomes easier if you have your Adhaar card with you! The reason behind this is, the Universal Account Number(UAN) is basically linked to your Adhaar number, and the consultant will be able to do the whole process online on the Member e-Sewa portal.

Some Of The Situations When You Can Withdraw The PF Amount 

We would like to mention some of the situations where you can withdraw the amount, and you can choose the relevant option!

  • After ten years of service, you can withdraw the PF balance plus the EPS amount
  • Without completing ten years in the service, you can withdraw the PF balance plus the EPS amount
  • After 58 years, you will be eligible to withdraw the PF balance as well as a full pension
  • If you have done ten years of service and your age is somewhat 50-58, you can only withdraw the PF balance, and the pension amount will be reduced 

So, these are the situations where you can get the PF balance. If your circumstance is different, then a PF ESIC Consultant can help you with that. 

We would advise you to transfer the amount when you are changing your job, withdrawing the whole amount will not be a good idea at all. If you are still doing the same job, and planning for a new business, then you better transfer the PF amount into the new employer. The transfer process is not only easy, but it can be made automatically without any hassle. Once you transfer the amount to start a new business, the account will be transferred to the National Pension Scheme. So, what are you still waiting for?


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