Introduction
The Employees’ Provident Fund (EPF) is a retirement savings scheme that provides financial security to employees after retirement. The EPF has recently announced new withdrawal rules for claims more than 10 lakhs and 5 lakhs. These new rules are aimed at providing greater flexibility to EPF members in terms of withdrawing their funds. The new rules will allow EPF members to withdraw up to 75% of their total EPF balance for claims more than 10 lakhs and up to 50% of their total EPF balance for claims more than 5 lakhs. This will enable EPF members to access their funds more easily and quickly. In addition, the new rules also provide for the option of partial withdrawals for claims more than 10 lakhs and 5 lakhs. This will allow EPF members to withdraw a portion of their funds as and when required.
New EPF Withdrawal Rules For Claims More Than 10 Lakhs & 5 Lakhs
For claims more than 10 lakhs:
1. The withdrawal of funds from the Employees’ Provident Fund (EPF) account is subject to the approval of the Employees’ Provident Fund Organisation (EPFO).
2. The withdrawal of funds is subject to the submission of a valid claim form along with the required documents.
3. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents.
4. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO.
5. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes.
6. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes and the payment of applicable charges.
7. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes, charges and any other applicable fees.
For claims more than 5 lakhs:
1. The withdrawal of funds from the Employees’ Provident Fund (EPF) account is subject to the approval of the Employees’ Provident Fund Organisation (EPFO).
2. The withdrawal of funds is subject to the submission of a valid claim form along with the required documents.
3. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO.
4. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes.
5. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes and the payment of applicable charges.
6. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes, charges and any other applicable fees.
7. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes, charges, fees and any other applicable deductions.
8. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes, charges, fees, deductions and any other applicable conditions.
9. The withdrawal of funds is subject to the submission of a valid withdrawal form along with the required documents and the approval of the EPFO, and the payment of applicable taxes, charges, fees, deductions, conditions and any other applicable restrictions.
Recently Employee Provident Fund Organization has made changes to the EPF withdrawal rules, till now EPF members can claim PF and pension amounts either in online or offline based on their interest. But as per this new EPF withdrawal rules for claims more than 10 Lakhs & 5 Lakhs, all the EPF claims for the amount more than 10 lakhs and pension claims for the amount more than 5 lakhs will be settled through online PF claim process only.
So employees who are going to claim more than 10 lakhs rupees of EPF amount and 5 lakhs rupees of pension amount can’t able to claim PF amount in traditional offline methods i.e by submitting EPF claim forms like PF form 19, 10 C and other PF composite claim forms. All those EPF members need to apply for PF withdrawal in online only at UAN member portal.
Summary Of New EPF Withdrawal Rules For Claims More Than 10 Lakhs & 5 Lakhs:
- As we all know every EPF member will contribute 12% of their basic wage to Employee Provident Fund Organization and at the same time employer will also contribute another 12% to the EPF account of the member, but in this 3.67% will be the PF contribution and 8.33% will be the pension contribution.
- So Whenever total employee share and employer share of PF contribution exceeds 10 lakhs then that employee is able to claim PF amount only in online, similarly when pension contribution crosses 5 lakhs then they can able to claim their pension amount only in online.
Also Read: How To Correct UAN Name Online
EPF International Workers Complete Guide
How To Claim PF & Pension Amounts Online:
- To claim your PF and pension amounts online go to UAN Member Portal and login with your UAN number and portal password.
- Now on the homepage, you can find an option called online services, now click on claim form 19 and 10 C. Now you can find all your details like your name, date of birth and KYC details, once you find everything is correct then click on proceed for the online claim.
- Now on next page, you need to select form 19 or 10 C, if you want to claim PF amount then select form 19 and if you want to claim pension amount then select form 10 C, if you want to withdraw both the amounts then you have to apply for each separately.
Hope you understood new EPF withdrawal rules for claims more than 10 Lakhs & 5 Lakhs and if you have any doubts then ask them in below comments section.
New EPF Withdrawal Rules For Claims More Than 10 Lakhs & 5 Lakhs
The Employees’ Provident Fund Organisation (EPFO) has recently announced new withdrawal rules for claims more than 10 lakhs and 5 lakhs. According to the new rules, the EPFO will now require the submission of additional documents for claims more than 10 lakhs and 5 lakhs. This is to ensure that the claims are genuine and to prevent fraud.
For claims more than 10 lakhs, the EPFO will now require the submission of a copy of the PAN card, Aadhaar card, and bank account details. The EPFO will also require the submission of a copy of the latest salary slip and Form 16. Additionally, the EPFO will also require the submission of a copy of the latest bank statement.
For claims more than 5 lakhs, the EPFO will now require the submission of a copy of the PAN card, Aadhaar card, and bank account details. The EPFO will also require the submission of a copy of the latest salary slip and Form 16. Additionally, the EPFO will also require the submission of a copy of the latest bank statement and a copy of the latest EPF passbook.
The new rules are aimed at preventing fraud and ensuring that the claims are genuine. The EPFO has also stated that it will take strict action against those who submit false documents or make false claims. The EPFO has also stated that it will take necessary steps to ensure that the claims are processed quickly and efficiently.
The new rules are a welcome move by the EPFO and will help to ensure that the claims are genuine and that the process is efficient. It is important for employees to be aware of the new rules and to ensure that they submit all the required documents in order to make a successful claim.
