Employees Provident Fund

The Employees' Provident Fund is conducted by an organization by the same name by the Government. It is just a social security company and offers retirement benefits into the enormous number of organized work force from the country. Let us see the advantages of it.

Simple supply of retirement is among the benefits of the scheme. Under this scheme, a member of staff has to make a free accounts with any of the registered banks to get payment of retirement. After the retirement of the worker, retirement is disbursed by the organization to the employee concerned. All banks with tie-ups usually offer a zero balance account to the pension holders. The pensioners usually obtain their retirement until the tenth day of each month.

For asserting the Provident Fund (PF) A mount, a person has to stop by the local EPFO office. With the help of advanced technology, the whole process of asserting, filing and finding the amount of money transferred into the banking accounts has been made online. Through the internet asserting of PF, the whole procedure of clearing the PF amount can be easily processed just at 10 days. Before, the debut of internet system the entire official process of PF processing was carried through the paper work.

Let us see the step-by-step procedure to know how to claim your EPF During the online system:

Make sure your telephone number is related with your own bank accounts.

Open EPF Login web-portal and enter the details of your own UAN (Universal Account-number ). If in case your NID card is not filed with the UAN, then first you are going to have to process to your e-KYC verification procedure. After the comprehensive KYC investigation, it is possible to move farther for your PF procedure. For the internet verification of e-KYC, the authorization will probably send you a OTP (onetime Password) in your own telephone for completing the identity verification procedure.

Even the PAN card details have been also compulsory to be satisfied for availing the most online PF withdrawal services. The 3 details i.e. Name, Age and Sex are now being cross-verified for initializing that the PF withdrawal process.

On the monitor, a lone page claim form is being displayed that should be completely filled for submitting the asserting. There are three distinct types of forms.

With each withdrawal support, there are a certain group of conditions which need to be fulfilled for availing the advantage of PF. For asserting and payoff of finalized PF amount, a gap of two months from the final period of employment with an organization is obligatory to follow along.

The men and women who wish to withdraw the pension requires to fill a form displayed on EPFO site. The employee should have worked for six weeks with the company for availing the advantages of retirement. The guidelines of company's participation to Workers' Pension Scheme are now being applicable on the pension withdrawal.

Subsequent to the completion and entry of PF withdrawal Form on the EPFO portal, you will realize that the PF level credited to your bank account in a couple of days.

Whether in case you wish to transfer the PF money into another bank account which isn't enrolled with EPFO, then you want to adopt the off line process of funds transport.