EPF also known as Employee Provident Fund is a saving scheme especially meant for the employers to save money for their future. This facility is handled by the Employee Provident Fund Organisation (EPFO) wherein both the public as well as the private sector companies have to get themselves registered and contribute a part of their basic salary towards the provident fund. On a monthly basis, 12% of your income will be deducted and saved in your account as per the rules of the EPFO. The employers need not do anything to save their income but during the time of withdrawal, a proper process has to be followed to get the money back.
For initiating withdrawal of funds from EPFO, employee has to follow the below procedure:-
- The very first step is to collect the EPF withdrawal form. You can get the same from the HR department of the company in which you are working or download it from the official website of EPFO.
- Fill the form according to the information that is asked in it. Get your form attested by the authorized officer and then submit it to the EPFO. You can even ask your organization to attest your form and then send it to the EPFO so that the further steps can be taken to fulfil the request of the individual.
- Once all the information is checked and confirmed, the authorities will take further action and transfer your entire money in your account as soon as possible. The entire process may take around 1-2 months to get your money.
The complete process may sound easy but there are a few complications that are associated with it. You may have to contact the EPFO alone and get your request considered by the professionals. There are several reasons why an individual may have to approach the EPFO department to get their case solved as soon as possible.
- Shut down of one of your company in which you worked in:- Sometimes there are conditions when the company you were working earlier was shut down and you didn’t transfer your EPF. Such a case happened with many who were working in a company from 4-6 years. During their working, many changed the companies twice/thrice but forgot to transfer the EPF. Now when they are in need of some money, they think that PF money would be enough to solve the problems. But when they pursued the company, it was found that the company was shut down. In such a condition they had to approach the EPFO and make sure that thry received the Provident Fund from that company soon.
- Conflict with Employer:- Sometimes there are cases when your employer may refuse to attest your form and therefore you will have to consult the EPFO for the further steps. Even many faced a similar problem while working in a company as the employer was not ready to attest the form or accept the resignation.