PF withdrawal and its latest updates. These facts are of prime importance to an employee, but, generally, a major chunk of employees do not know about its varied facts. Do you know that recently, the Employees’ Provident Fund Organization has allowed that the PF withdrawal applications could be filed directly to the retirement fund body?
Here are some more facts about the withdrawal that you must know:
- To enjoy this facility, you must make sure that your bank account, Aadhaar and PAN are linked to UAN, i.e. Universal Account Number. The KYC, i.e. know-your-customer must also be verified.
- Those subscribers whose KYC has been verified will be able to leverage from this withdrawal facility.
- The facility of Universal Account Number was launched in order to facilitate the transfer of PF.
- One specific norm that will still be applied is the waiting period of two months.
- If you are a subscriber and you want to withdraw advance from the account, then you will have to submit Form-31 for this partial withdrawal.
- This facility would be specifically easier for those who could not make contact with their ex-employers.
- If the claims are filed without employers’ attestation, then you would have to use the new forms.
- In the process followed earlier, if you leave the job, it was mandatory to get the withdrawal forms attested by the employers.
- You are permitted to withdraw advance from the account, in cases of education of children, house construction, illness and repayment of housing loan.
- The withdrawal process will soon be online. So, this online process would be beneficial and easier for the subscribers.
So, make the most out this new provident fund withdrawal facility..!!