How to withdraw PF and EPF after leaving the job?

• Transferring PF with the new employer can help you avoid tax on its interest
• Merging all your PF accounts with every new job change is an ideal way of ensuring enough fund in your post retirement fund

A Provident Fund or PF is a part of your salary which is deducted on your behalf every month. When you leave the job, you can claim the PF amount. Many people upon switching their job, do not get their PF (provident fund) or do not transfer their PF from the previous employer to the new employer. The main reason of this is, it keeps earning tax free returns and the funds are safe with EPFO (Employees’ Provident Fund Organization).  However, Income-Tax Appellate (ITAT) has eliminated the tax-exemption on interest earnings after quitting the job. So to avoid tax on interests after quitting your job, you have to withdraw the amount or transfer PF to the new employer.

PF Withdrawal – When can you withdraw PF balance?

The total PF (Provident Fund) amount comprises the contribution made by you and your employer plus accrued interest. Under Employee Provident Fund Act 1952, you can withdraw the full PF amount if you retire from your service after having attained the age of 58 years and you can also claim the EPS amount (Employees’ Pension Scheme amount) at the same time. You can claim the full PF amount even before attaining the age of 58, if you have retired from your service and you have been unemployed for straight two months (60 days). PF and EPS amount cannot be withdrawn after the completion of 10 years of your service because if you have completed 10 years of your service, your employer will necessarily have to provide you with the pension benefits. You can withdraw your PF and EPS amount by filling the composite form launched by EPFO which will take care of your withdrawal, transfer, advances etc. There is one thing that you should keep in mind before starting the withdrawal procedure and that is to merge all your previous PF accounts.

PF Withdrawal plus EPS Amount:
There are mainly two ways to withdraw your PF (Provident Fund) and EPS (Employees Provident Fund) amount, one is using your Aadhaar card number and the second is without using Aadhaar card number. Using Aadhaar card makes the process simple and less time consuming however without using Aadhaar card makes the procedure time consuming. Here is how you can withdraw your amount with and without Aadhaar card:

• Without using Aadhaar Card: If you do not hold an Aadhaar card but you have your PF number, you can fill Composite Claim Form (Non Aadhaar). If you haven’t completed 5 years of service period, you will have to fill all the relevant details like PAN (Permanent Account Number) and attach 2 copies of form 15G or 15H.  If you do not have UAN (Universal Account Number) you can provide PF account number.
• With using Aadhaar card: If you hold an Aadhaar Card, you will have to submit a Composite Claim Form (Aadhaar) directly to the EPFO office without the attestation of claim from your employer. You will have to attach a cancelled cheque with the form and your entire PF balance amount could be sent to your bank account.

Conditions for Withdrawal of PF

There are four conditions in the PF withdrawal procedure. Observe all the conditions and choose the form accordingly.  

1. If you are withdrawing PF balance and EPS amount before completing 10 years of service:

You can claim both PF and EPS amount if you haven’t completed 10 years of service. You will just have to fill the Composite Claim Form and choose both the options ‘Final PF balance’ as well as ‘pension withdrawal’. If you are planning to work again you can submit the Form 10C and get the ‘scheme certificate’.

 2. If you are withdrawing PF balance and EPS amount after completing 10 years of service.

If your service period is more than 10 years, you cannot withdraw the EPS amount. You can fill the Composite Claim Form along with the Form 10C to get the scheme certificate. Pension will be paid to you after attaining the age of 58 years.

3. If you are withdrawing PF balance and EPS amount between the age of 50 and 58 years (after completing 10 years of service).

If you are between the age of 50 and 58 years and you have completed a service period of 10 years, you can claim an early pension (reduced pension). For this, you will just have to fill Form 10D along with the Composite Claim Form.

4. If you are withdrawing only PF balance along with full pension after the age of 58 years.

If you have attained the age of 58, it is very simple to get the full claim of pension. You will just have to submit the Form 10D.

Choose and submit the form according to your condition and enjoy all the benefits of EPF (Employees Provident Fund) and PF (Provident Fund) scheme after getting retired from your service.

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Related Articles

• All you need to know about PPF
• Will my Provident Fund Savings not be Sufficient?
• How to check EPF status and balance online
• How to view your PF passbook using UMANG app

ARN: ED/08/22/28496