All working people in the country have PF accounts. The 12th portion of the employee’s salary is deposited in the PF account of that employee.
The same portion is submitted by the company. This account is used as a savings account. The employee can get the money out from the account when he wants to do that.
EPFO gives an option to withdraw the money depending upon various needs. If an employee resigns or leaves a company and joins a new company, then the employee gets a new PF account.
But the amount that the employee had in his older PF account will remain there only. An employee can get that money out from that account.
For following this process certain rules had been set by the EPFO. If the person left the job and didn’t join another company or remains unemployed, then under this case he can withdraw 75 % of the money present in his PF account.
If the person remains in unemployed category after leaving a company for two months then he can withdraw 25 % of the money present in his PF account.
In another case where an employee joins different company just after leaving one, his Universal Account Number remains active. In this situation he cannot get the money from his older PF account. For doing this he needs to transfer his PF account.
How You Can Claim Money?
You can claim money by going to the official site of EPF and entering the UAN and password for the same. Then you need to click on a claim which is there in the online services. Following this step, you need to enter the last four digits of the account number that is linked to it.
After following these steps a person needs to sign the undertaking. Following this process, the employee needs to select the PF withdrawal form-19. After this, the employee needs to enter his address in the form. After this, you need to enter the OTP which got generated and received on your number. In the final step, you will get a reference number. With this reference number, you can track your application. The money will be received on the bank account inked to the PF account.
