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A provident fund is created with a purpose of providing financial security and stability to elderly people. Generally one contributes in these funds when one starts as employee, the contributions are made on a regular basis (monthly in most cases). It’s purpose is to help employees save a fraction of their salary every month, to be used in an event that the employee is temporarily or no longer fit to work or at retirement.
The investments made by a number of people / employees are pooled together and invested by a trust. EPF (Employees Provident Fund) is a retirement benefits scheme under the Employees Provident Funds and Miscellaneous Provisions Act 1952. This fund is managed and overseen by the Employees Provident Fund Organisation (EPFO).
UAN refers to the Universal Account Number introduced by EPFO India. It is a unique 12-digit number assigned to an employee by EPFO India. The EPFO UAN number will act as a marker of identity for an employee till his/her retirement. In order to generate a UAN number, an employee needs to be registered with EPFO services and should contribute to the Employee Provident Fund Account.
The major motive behind the launch of UAN is to link multiple PF account numbers allotted to a single employee by different organizations under one single account. In case an employee is already registered with EPFO services and has a UAN number, then he/she has to provide the same on joining a new organization so that the new employer can link the new member Identification number of the organization to his/her existing Universal Account Number. UAN can be accessed by an employee by visiting the UAN member portal website.
How to Withdrawal EPF Online Through UAN
EPF withdrawal has never been easy, It used to take a long time. Sometimes EPF withdrawal may take more than one month. It was dependent upon the efficiency of the employer and regional PF office. Sometimes, employer deliberately delay or hold the withdrawal application. Even some employer arm-twist employees by holding the application.
Type of PF claims for online withdrawal : The online PF withdrawal facility is applicable for all types of withdrawal.
- Final settlement after leaving the service
- Part withdrawal during the service
- Pension after the superannuation
With these three claims all the PF claims are online. Now, you can get EPF money without submitting a form or physical document. The same is also true for EPF transfer. The EPF transfer facility has become online since 2014. Henceforth, you have to go to employer only for the correction in PF member details, if there is a mistake. However, EPFO is now using Aadhaar database to enroll the new EPF member. It would minimize the error in name or date of birth.
Conditions to EPF withdraw online
- You must activate the UAN number. In fact, UAN activation is necessary for all the EPF services.
- Mobile number registered during UAN activation should be active as authentication is done through that very number.
- The Aadhaar number should be linked to UAN. You can do it during the PF membership enrollment or further through the employer. You can even submit your Aadhaar number through the UAN member portal.
- Your bank account details and IFSC code should be present in EPFO database. The withdrawal amount would go into the given account.
The PAN is also necessary, if you are withdrawing EPF balance before completing 5 years in service.
How to EPF Withdrawal online through UAN?
Online EPF withdrawal is a simple and hassle-free process. Step by step instructions to apply for online EPF withdrawal is given below.
- Visit the UAN member portal. This portal is useful for UAN related services at http://www.epfindia.com
- Login using your UAN and password. If forgot the password, you can reset it. An OTP is sent to your mobile number for authentication.
- Check that KYC status as Aadhaar should be approved and linked to your UAN. To check the KYC status go through the Manage—-> KYC. You give consent to UIDAI to share your credentials with the EPFO. This authentication procedure has ended the approval by the employer.
- In the UAN dashboard, head to the link ‘Online services‘. This dashboard gives you some more services as well. such as you can submit your KYC details and change nomination. You can also download UAN card and view the service history.
- Click at ‘Claim (Form-31, 19 and 10C)
- Now you have to authenticate the Aadhaar. You would get an OTP to the mobile number which is registered with Aadhaar. After submitting the OTP, you would be able to fill the EPF withdrawal claim form.
- Once you submit the form, you would get a claim confirmation copy in PDF format. Keep it with you.