Can I Withdraw My PF Amount After Leaving an Old Company?

Yes, you can withdraw your Employee Provident Fund (EPF) amount after leaving an old company, but there are specific conditions and procedures you need to follow. This article will provide a comprehensive guide on how to proceed with your withdrawal, including the necessary forms and steps.

The Procedure for Withdrawal

To withdraw the EPF amount from your account, you need to fill in a detailed Final Settlement Form 19 for PF amounts and a Form 10C for pension amounts. You can submit these forms online through the EPF website or by visiting your nearest EPFO office.

When submitting the form, you should specify the exact amount you wish to withdraw. The EPFO (Employee Provident Fund Organization) will then sanction the eligible amount for withdrawal based on your application.

Rules and Regulations Regarding PF Withdrawal

New Rules: Effective since June 2023, the EPFO has allowed the withdrawal of 75% of the EPF corpus after 1 month of unemployment. The remaining 25% can be transferred to a new EPF account after gaining new employment. Previously, this withdrawal was allowed only after a 2-month period of unemployment, as per the old rules.

General Practice: In regular practice, employees are not eligible to withdraw EPF funds until they have served for at least 6 months. However, due to the ongoing pandemic, the Government of India (GoI) has relaxed these conditions, allowing the withdrawal of up to 3 months of the basic pay and dearness allowance.

Current Claims and Conditions: If you are currently not employed or jobless, you may apply for the withdrawal of your PF fund. If you are still working somewhere, the option to withdraw EPF has been eliminated, and you can only withdraw it upon retirement.

Under the existing rule, employees who resign before turning 58 years of age can withdraw the full PF balance and EPS (Employee Pension Scheme) amount, depending on the years of service. However, you must be out of employment for at least 60 straight days (two months or more) after leaving your job.

Applying for PF Withdrawal

To apply for the withdrawal of your PF fund, you need to:

Login to the PF website using your UAN (Unique Account Number) number. Fill in the necessary details on the withdrawal claim form. Ensure all your KYC (Know Your Customer) details are correctly mapped to your UAN account.

If you have any doubts or need assistance with the process, you can consult any professional, including the author of this guide. The author is available on their mobile number 9490747591 for professional services related to PF withdrawal.

Conclusion

Withdrawal of EPF funds is a crucial concern for employees, especially during times of unemployment or transition to a new job. By understanding the rules and procedures, you can ensure a smooth and successful withdrawal process. Always check the withdrawal conditions and terms to avoid any complications. If you have further questions or require assistance, feel free to contact the author.