pF withdrawal 2022: How to withdraw pf pension money (how to withdraw pf pension, pf pension rules, pf pension scheme 2022, pf pension rules 2022, how many days after leaving a job can withdraw pf, minimum pension in the private sector, pension withdrawal formula
Employee Provident Fund is also known as Provident Fund (PF). This is a government scheme, in which deduction is mandatory for salaried employees. In this scheme, both the employee and the employer have to contribute the basic 10 percent of the salary of the employee every month. At the same time, it is 12 percent for private institutions. Employees and employers contribute to EPFO every month. By the way, the money deposited in the EPF account or its part can be withdrawn by the employee after retirement or leaving the job.
Normally any employee works hard throughout his life. Having dealt with all his responsibilities like education of his children, marriage, he hopes that after retirement he will spend his days comfortably with the help of his pension. Realizing his need, some part of the salary of a salaried worker is deducted and deposited in the pension fund, so that he can take advantage of it after retirement.
Talking about PF pension, it is determined according to the basic salary of the employee. Certain rules have also been prescribed for the withdrawal of pension. Today in this post we will give you information regarding how PF pension money can be withdrawn. Let’s start-
What is Employee Pension?
Friends, before we go any further, let us first know what is a pension? What is meant by employee pension? Friends, Pension is basically a fund in which money is added during the years of employment or service of an employee.
After the retirement of the employee, periodic payments are made to the employee from this fund. After the death of the employee, his/her spouse gets a pension.
Can claim after so long after leaving the job
However, premature withdrawal can be done after fulfilling certain conditions. If you are withdrawing after maturity, then what is the process of withdrawing the PF amount. Let’s find out. Form 19/10C has to be filed for PF withdrawal and Form 19/10C can be filled only after two months of leaving the job or retirement.
How a service man’s pension is determined
Friends, now let us tell you how the pension of a salaried person is made. Actually, money is deposited in two types of schemes in PF i.e. Employees’ Provident Fund. One is EPF and the other is EPS ie Employee’s pension scheme.
Let us tell you friends that 12% of the basic salary of the employee is deducted from his salary and deposited in PF. The company also contributes the same, but only 3.67% of it is deposited in the EPF, while the remaining 8.33% is deposited in the Employees’ Pension Scheme ie EPS.
Apply this way to withdraw money from PF
- Go to the Unified Member Portal. Log in with UAN and Password.
- Click on Online Service. Select Claims in the drop-down menu (Form 31, 19, and 10C)
- Enter the linked bank account number and click on Verify.
- Enter the reason for leaving the job.
- Select PF Withdrawal (Form 19) only from the drop down menu. Click on I want to apply option.
- Fill the complete address and upload the scanned copy of the original cheque/passbook.
- Tick the disclaimer and click on GET AADHAAR OTP.
- Fill the OTP received on the registered mobile number and submit the application.
- After submitting Form 19, follow similar steps to submit Form 10C.
- After checking everything, the amount will be deposited in your bank account linked to UAN.
To withdraw money from EPFO, you have to follow this process:
- First of all you have to go to https://unifiedportal-mem.epfindia.gov.in/memberinterface/ .
- Then you have to login by entering your UAN number and password.
- After this, KYC has to be completed by going to the Manage tab.
- After verifying KYC, go to online services and select ‘Claim (Form-31, 19 & 10C)’.
- After this the claim screen will come. KYC, member details and other services will be available here.
- Here you have to enter the last 4 digits of your bank account. Then click on YES. This certificate is required for signing.
- After signing the certificate you have to go to Proceed for Online Claim. Then click on Proceed for Online Claim.
- After this you have to select Medical emergency from the drop-down menu.
- Here you have to enter the amount, upload the scanned copy of the check and enter your address.
- Then click on Get Aadhaar OTP.
- After this an OTP will come on your registered number. Enter it. Then submit the claim.
- Under medical emergency, a person can get a claim of up to 1 lakh in 1 hour.
Important things related to EPFO
- The employee has to provide his mobile number for final settlement.
- The form can be filled both online (on the EPF member portal) and offline.
- PAN is also mandatory for claiming final settlement.
- Employer’s signature and organization’s seal is mandatory for offline settlement process.
when a person is eligible to get pension
Friends, now the question must be arising in your mind that when a pension is made. Let us tell you that if you have completed 10 years of service, then you become entitled to a pension. At the age of 58, you start getting some salary in the form of a monthly pension.
Let us also inform you that if you get transferred, or if you leave one job and do another job, then the pension amount gets added to your service history.
This means that if your service history becomes 10 years even while working in different places, then you will be entitled to a pension.
What is necessary to be a pensioner
Friends, let us tell you that some eligibility has been prescribed for getting a monthly pension under the EPS-95 Act, which is as follows-
- It is necessary for the employee to have completed 10 years of service.
- This job can be done in one company or in different places also.
- It is necessary to have 50 years of age for pension and 58 years to get regular pension.
when a person can withdraw his pension
Friends, now let us tell you when you can withdraw the pension amount. Let us inform you that if your service is less than six months, that is, you have worked less than 180 days, then you cannot withdraw the pension.
You cannot withdraw the pension amount even if your employment is more than nine years and six months, as it is considered equal to 10 years.
It simply means that if your job has been more than six months and nine years is less than six months, then you can also withdraw your pension along with your PF amount. For this, after two months of leaving the job, you will have to fill out Form 19 and Form 10C.
How can you withdraw your pension amount?
Friends, to withdraw the amount of pension, you simply have to go to your PF office and apply for PF pension. Fill out the form and submit it in the office of EPFO itself.
After filling out the form, the processing of your application is started within five to 10 days.
Which form has to be submitted for withdrawal of pension on retirement?
We have already told you that if you have worked for more than 10 years, then you are entitled to a pension under EPS-95 after retirement.
Friends, let us inform you that the Employees’ Pension Scheme was started 27 years ago i.e. EPS in the year 1995, that is why it is known as EPS-95. For this, you have to submit Form 10D.
Can form 10D be submitted online?
Yes, Form 10D can be submitted online. For this, the concerned employee will have to apply through the Unified Member Portal. link to http://unifiedportal-mem.epfindia.gov.in/memberinterface/ Is. For this, some things need to be kept in mind, which are as follows-
- Your UAN number must be activated.
- Your Aadhar card should be linked in UAN and Bank KYC has been done.
- Your profile picture should be attached to the UAN account.
- e-nomination has been filed.
- This nomination should be verified through e-sign.
- Update the date of joining and the date of leaving the job.
- 10 years of service have been completed.
What is the process of online application of Form 10D? (what is the process to apply formD online )
- You have to first login to the UAN portal. link to http://unifiedportal-mem.epfindia.gov.in/memberinterface/ Is.
- Here you will see the option of online services. By clicking on it, select the claim form-31, 19, 10C and 10D option.
- Now verify by entering your bank account number.
- Now click on the option of proceed for online claim.
- Now select monthly pension from 10D in the drop down menu I want to apply for.
- Details of Scheme Certificate (if you have any) then enter the information.
- Select yes or no in the deferred pension option.
- The details of your nominee will be shown in the family details. Check them out.
- Now enter your address in the Employee Address.
- Enter your bank account details in the bank details.
- Now in the option of upload scanned copy of check / passbook, upload the photo of the check or passbook of the concerned bank account.
- After this click on the option of Get aadhar.
- Now fill the OTP and click on submit option. Now your application will be done.
- EPFO will process your claim within 10 days of filling it.
What is meant by Deferred Pension? (what does it mean by deferred pension)
Friends, now let me tell you what is the meaning of Deferred Pension? Friends, we have already told you that the age of pension is 58. Although if you want, you can start a pension even after the age of 50.
If you do not want to take pension even after attaining the age of 58 years, then you can start your pension from 59 or 60 years, in which you get increased pension. In Deferred Pension, after choosing the option of yes, you get the benefit of taking pension after the age of 59 or 60.
How employee pension is calculated
Friends, let us tell you that there is a formula to calculate pension, through which you can calculate your pension. This is the formula-
Pension = pensionable pay × length of service/70
Suppose you have worked for 35 years and your pensionable salary is Rs 15,000, then accordingly your pension will be Rs 7,500 per month.
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What is the minimum and maximum pension under EPS-95
Friends, let us inform you that the minimum and maximum pension amount has also been fixed under EPS-95. The minimum pension amount is Rs 1,000 and the maximum pension amount is Rs 7,500.
In such a situation, even if the regular pension amount of an employee becomes Rs 800, then he will get a minimum of Rs 1,000 and no employee will get a monthly pension of more than Rs 7,500.
What will happen on retirement if you have withdrawn pension within the stipulated period?
Now let us tell you that if you withdraw your pension amount with PF before the completion of nine years and six months job, then after that you will not be entitled to a pension.
It means full and final settlement. After this, your PF account is completely closed.
For many people, pension is the only means of livelihood.
Friends, here we have talked about employee pension. These days it is the era of single-family. People’s children after their education and marriage start living separately from their parents due to jobs or any other reason. This is seen in most cases.
Many children also send money for their parents’ expenses, but usually, for most of the parents, their pension is a big support for their livelihood. In view of this, under social security schemes, the government also gives pensions to such people who need financial support.
Like old-age pension, widow pension, etc. Friends, talk about EPS or this pension. Of course, this amount is not very much, but the person concerned gets financial support from it. He does not have to look to other people for small needs.
What is the warning given by EPFO to its account holders?
Friends, let us tell you that a warning has been given by EPFO to its account holders. He has alerted the account holders not to give information like their Aadhar card, PAN card, UAN, bank account or OTP to anyone over the phone or through social media.
In view of the increasing online fraud, he has issued this warning through his Twitter handle. Account-holders have been asked to be cautious. It has clearly stated that EPFO never asks its account holders to deposit any amount for its services through WhatsApp or any other social media platform. If you get any such message or call, then suppose it could be a fraud. report this.
What part of an employee’s salary is deducted as PF?
12% of the employee’s salary is deducted as PF.
How is pension made?
8.33% of the company’s contribution deducted for EPF goes to the pension fund.
When can pension be withdrawn?
An employee can also withdraw pension amount along with PF amount during service of more than six months and nine years less than six months.
How can pension be withdrawn?
For this, the employee has to go to the PF office and fill up Form 19 and Form 10C and submit it.
Can apply online for withdrawal of pension?
Yes, the facility of online application of Farm has been given for the withdrawal of PF.
After what period a person becomes entitled to a pension?
After completing nine years and six months of service, the person concerned becomes entitled to a pension. In the case of pension, nine years and six months are considered equal to 10 years.
Will the transfer of PF account affect pension?
No, pension gets linked to your service history. After 10 years of service in different places, you become entitled to a pension.
Who gets the pension on the death of the pension account holder?
On the death of the pension account holder, the pension is received by the spouse of the employee concerned.
Friends, in this post we have given you information that how you can withdraw PF pension. Hope this post will prove useful for you. If you want similar informative post from us, then you can tell by commenting in the comment box given below. Your reactions are welcome. ..Thank you..
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