To withdraw your contribution, you need:
There are online & offline ways to withdraw your EPF. Aadhaar is not strictly necessary if you have PAN and UAN.
Employers offer employee retirement benefit plans, or pension schemes to their workforce. The scheme is designed for employees in the organized sector, where the employer is registered with the Employees' Provident Fund Organization (EPFO) and makes the necessary contributions. The Employee Provident Fund (EPF) assumes a pivotal role in securing one's retirement. The funds accumulated in this provident fund can be utilized to procure an annuity or withdrawn as a lump sum payment upon the employee's retirement.
To avail of the Employees' Pension Scheme (EPS) benefits, an employee must work for at least 10 years. Under this scheme, the employer contributes 8.33% of the employee's salary to a maximum of Rs. 1250 towards the pension fund.
In May 2023, the the Labour Ministry announced that employers will now contribute an extra 1.16% towards this scheme. This news is a welcome relief for many employees, as it means increased savings for their retirement.
Previously, the employer's contribution to the EPS was fixed at 8.33% of the employee's basic salary, capped at Rs.1,250 per month. However, with this latest announcement, the employer's contribution will rise to 9.49% of the employee's basic salary, with a maximum of Rs.1,800 per month.
In this blog we will answer some of the most common questions pertaining to EPF withdrawal: how to withdraw pension contribution in EPF online, what the eligibility for pension withdrawal is and what are the pension withdrawal rules and criteria.
Let’s start with the basics first.
Rules to withdraw your pension amount change depending on the occasion or condition of withdrawal. Given below are provisions and rules to withdraw your EPF against different conditions:
The pension withdrawal rules dictate how much pension one can withdraw and is based on the following conditions:
Here are the documents required to withdraw your pension from EPF:
Form 10-C is used for withdrawing all the pension amount from the Employees' Pension Scheme (EPS) when leaving employment before age 58.
Form 10-D is used to apply for pension from the EPS, typically after reaching age 58 or upon retirement.
Form 13 is used to move the EPF balance from an old account to a new account.
Form 19 is used for complete withdrawal of the entire EPF balance, in case a person does not have a UAN number and only has a PF number.
Download the composite claim form (with or without Aadhaar) from the EPFO website and submit the form to the jurisdictional EPF Office post providing the details.
The Employee Pension Scheme (EPS) ensures a source of pension for employees in the organised sector. The employer contributes to the EPS account, building a retirement corpus. Withdrawal of pension contributions is allowed under various scenarios, including completion of less than 10 years of service or reaching 50 years of age with 10 years of service. Upon reaching 58 years of age with 10 years of service, one is eligible for 100% monthly pension payouts. The process of withdrawing pension contributions involves filling out the appropriate form online and verifying employment details.
Fi, and its licensed partner Federal Bank, provides a salary program with many benefits. You get 2% cashback when you shop using Fi. 4x Fi-Coins on all your spends via Fi — all of which you can redeem for vouchers, cool merch, etc. Other perks include, flat 20% of your Debit Card spends as Fi-Coins, no minimum balance, a free VISA Platinum debit card with zero forex charges, priority customer service & more. Did we mention a ₹500 Amazon voucher as a joining bonus yet? P.S. Salary users on Fi can now top-up their Health Insurance up to ₹20L!
You cannot withdraw funds from your EPS account when you are actively working. However, if you have completed less than 10 years of service but more than 6 months of service, you can withdraw funds from your EPS account — provided you are unemployed for more than 2 months. But if you have completed 10 years of service, you will only be eligible for your pension benefits after you have completed 58 years of age (or 50 years, in case you are okay with receiving a reduced pension).
Before you withdraw your pension from your EPF account, make sure that all your PF accounts from your employers have been merged. You can then proceed to withdraw your pension in the following two ways -
On retirement you can withdraw your pension contribution with ease. In some cases you can opt in for for an earlier withdrawal as well.
If the claimant is either a nominee or a family member, they are required to complete Form 20, providing the necessary information about the EPF member. This application must be routed through the last employing employer of the member. Upon submission, the claimant will receive SMS notifications confirming the approval of the claim form, and the funds will be transferred to the claimant's bank account.