&imwidth=800&imheight=600&format=webp&quality=medium "What does EPFO say about criticism over the new PF withdrawal rules?")
The Labour Ministry and the Employees' Provident Fund Organisation (EPFO), in separate posts on X, have sought to allay fears regarding the new changes in provident fund withdrawal rules. Trinamool Congress MP Saket Gokhale had called the new norms "shocking and ridiculous".
"The claims being circulated are factually incorrect and grossly misleading,” said the Labour Ministry and the Employees’ Provident Fund Organisation (EPFO).
EPFO has merged 13 provisions for partial withdrawals into a framework. Earlier, members were allowed to withdraw only between 50 per cent and 100 per centof their own contribution and interest. Now, both the employer and the employee contributions and the interest are eligible for withdrawal.
However, one critical rule that is being criticised is that unemployed members can now only withdraw 75 per cent of their PF balance immediately. This includes the contributions as well as accrued interest. The remaining 25 per cent can only be withdrawn after completing a year of being unemployed.
Full withdrawal is permitted in cases of retirement, disability, retrenchment, voluntary retirement, and permanent migration abroad. The rule has been imposed because the government wants the members to retain a retirement corpus.
This money gets compounding interest at 8.25 per cent, which ensures a stronger retirement corpus. They can also withdraw their pension after 36 months of making zero contributions. Earlier, this time limit was 2 months.
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Here's the step-by-step process based on current guidelines:
1. Log in to EPFO Member Portal: Visit the EPFO portal, enter your UAN, password, and captcha.
2. Online Services: Click on ‘Online Services’ → ‘Claim (Form-31, 19, 10C & 10D)’.
3. Select Form: Choose Form 19 (full withdrawal), Form 31 (partial advance), or Form 10C (pension).
4. Verify Details: Ensure KYC (Aadhaar, PAN, bank) is updated.
5. Bank Details: Enter and verify the bank account linked to UAN.
6. Purpose & Amount: For partial withdrawal (Form 31), select purpose (Essential Needs, Housing, Special Circumstances).
7. Aadhaar OTP: Authenticate via OTP sent to registered mobile.
8. Submit Claim: Claim processed typically within 3-15 working days with updated KYC.