As per new amendments into Provident Fund act there are several changes into withdrawal fund ,As per new Process an employee has to wait for at least two months after leaving the job, if he or she wants to withdraw 100 per cent of the amount. However, 75 per cent of the PF amount can be withdrawn after one month of leaving a job. Employees’ Provident Fund Organisation is the authority which keeps a tab of PF data of salaried individuals. One can check the PF amount, passbook, PF claim status through respective UAN (Universal Account Number) on EPFO website (https://unifiedportal-emp.epfindia.gov.in/epfo/).

For withdrawing Provident Fund, there are certain crucial steps which are mandatory. For instance, an individual wants to withdraw PF after leaving the very first job. First of all, an individual is required to activate the UAN that was assigned at the beginning of the job. You can get your UAN from salary slips or you can ask it from the HR department also. Following the activation, there are several official requirements which are to be fulfilled.

Step 1: Verify your PAN (Permanent Account Number) details.

Step 2: Verify the registered bank details (Bank Account Number , IFSC ).

Step 3: Verify AADHAAR details.

Step 4: Upon successful verification of PAN, Bank Account and AADHAAR, you are required to send the confirmation to the respective company in which you were working before.

Step 5: The respective company will cross-check the details and verification done by you, if it is found correct, then the company will provide access to your PF amount.

Step 6: Once the formalities from your company’s part are over, then only you will be eligible to claim your PF amount.

Note 1: The activation of UAN and verification of PAN, bank account and AADHAAR details can be done on the EPFO website: epfindia.gov.in.

Note 2: If you are finding difficulties in verifying your AADHAAR details, then you have to cross-check name, date of birth, address, mobile number and email address entered by you should match the data registered with AADHAAR.

Note 3: If there is any change in AADHAAR data, for example, mobile number, then at first, you are required to update your mobile number on AADHAAR data by visiting your nearest AADHAAR update centre.

 The KYC details entered during new Member registration needs to be digitally approved once UAN is generated.

[ LOGIN >> MEMBER  >>  APPROVALS  / BULK KYC PENDING FOR DS ]

LEGAL REFERENCE ON PART OF EMPLOYER

As per sub para (6) of para 36 of the EPF Scheme 1952 it is stated that

“Notwithstanding anything hereinbefore contained in this paragraph, the Central Board may issue such directions to employers generally as it may consider or proper for the purpose of implementing the Scheme, and it shall be the duty of every employer to carry out such directions.” and failing the provision of aforesaid mentioned para invite the penal action under section 14(2) of the EPF & MP Act, 1952.

            It is advised to upload the pending KYC of all active members including Contractor’s employees at the earliestand digitally sign the same immediately in order to avoid any hardship to the members for getting the benefits of E-services.

Also it is requested to update DATE OF EXIT of members urgently, who has left the establishment and their pending PF DUES  has already been paid.

6+
SHARE
Previous articleITC and Credit/Debit Notes of FY 2017-18 and Due dates
Next article32nd GST Council Meeting Outcome
Yogesh Parmar have vast knowledge in the field of Goods and Services Tax (GST). He is regularly conducting seminars on GST at various location for business personal to provide the knowledge about impact of GST on their business and how compliance should be made. He is founder of "www.etaxupdates.com" through which he is sharing his knowledge and latest amendments, circulars, notifications etc related to all type of taxes. He is also associated with some software development companies and providing advisory service and help to understand technical aspect of GST. He is also serving as functional manager as well as tester to those company which is developing software for GST.

LEAVE A REPLY

Please enter your comment!
Please enter your name here