Employee Pension Scheme is a scheme which came into effect in 1995 by EPFO to ensure that all the employees of the organized sector receive a pension after turning 58. Benefits of pension are available for members of EPFO who have worked for at least 10 years. So now that we have figured out what pension or EPS is in EPF, let us talk about how to withdraw pension contribution in EPF.
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There are two cases in which the EPF account holder may want to withdraw the Pension. I will share the details of forms you will have to fill and submit to withdraw pension. Here you go:
Form 10C
If you are the beneficiary of EPS or pension who wishes to withdraw pension before completing 10 years of service then you will have to apply for pension withdrawal using Form 10C.
Form 10D
If you are the EPF member, nominee, widow, widower or children of the beneficiary who wishes to withdraw pension after attaining the age of 50 years then you’ll have to submit the Form 10D.
Complete Process on how to withdraw pension contribution in EPF
You can withdraw your pension online. Here is a look at online process:
Go to the official website of EPF and login using your credentials.
You will have to enter your UAN and password
Now you will find a tab stating ‘Online Services’
Click on the relevant form (Form 10C or Form 10D) from the menu
Verify your details such as employment status, KYC, member details
Now fill in the last 4 digits of your bank account and sign the undertaking
On the next page you will have to check mark ‘I want to apply for’ and select the right option for pension withdrawal
Go to Get Aadhaar OTP option.
Enter the OTP and click on ‘Validate OTP and Submit Claim Form’
The amount will be transferred to your account after completing this process.
That’s it, this is how to withdraw pension contribution in EPF online.
You might like these:How to check EPF passbook?How to login EPF account?
Hi Friend,Recently, I assisted my sister to withdraw her PF pension amount online. I was browsing the internet. During this time, to my rescue, I found Kritika Maam’s answer. I completely agree with what she mentioned about the Employee Pension scheme, and how to withdraw PF pension amount online. I have learned that there are 2 ways regarding,How to withdraw pension amount from PF account online?
Aadhaar Card
If you have an Aadhaar Card, you can submit a Composite Claim Form (Aadhaar) to the EPFO office without having your employer attest the claim. Then, along with the form, you must submit a cancelled check, and your whole PF balance will be credited to your bank account
Without the use of an Aadhaar Card
If you don't have an Aadhaar card and are unable to obtain one, the second option is to submit your PF number. You can fill out the Composite Claim Form along with the PF number (Non-Aadhaar)My sister was pondering on how to withdraw EPS amount when you have less than 10 years of service. To this, I figured that one can still collect PF and EPS. They will have to simply complete the Composite Claim Form and select the final PF Balance and Pension Withdrawal options.I hope this answer would help you:)However, you can now also check your EMI on a home loan using this,[widget_emi_calci]Get stress-free home loan disbursement through NoBroker home loan servicesRead More:What Is National Pension Scheme?How To Remove Pension Contribution
After my resignation, I have also withdrawn my PF balance. So I think I can share the steps that I followed regarding how to withdraw pension contribution in EPF after leaving the job online. I want to highlight that you can withdraw the Provident Fund (PF) balance but the sum will be taxable if you withdraw before having worked for 5 years continuously. Eligibility for PF Withdrawal After Resignation:Before understanding how to withdraw pension contribution online, let us focus on the following conditions. An employee is permitted to withdraw the accumulated balance in their PF account after quitting their job if the following conditions are met:
The employee should have worked for the current employer for a total of two months.
The employee is required to provide one month's worth of notice or pay the company the equivalent in cash.
I’d really like to extend my gratitude towards Kritika, for providing the online PF withdrawal steps. I followed each and every step that she mentioned to withdraw my pension contribution.
After this, I selected ‘Claim (Form-31, 19 10C & 10D)’.
The member details, KYC, and other service details will be displayed on the screen.
Now I entered the bank account number and clicked ‘Verify’.
Following this I selected the claim type as ‘Withdraw Pension Only.’
I visited the menu page and clicked ‘Only Pension Withdrawal (Form 10C).’
Finally, I entered the permanent address in Form 10C and ticked on the disclaimer section.
Clicked on ‘Get Aadhaar OTP,’ and entered the OTP, clicked on ‘Validate OTP’, and then the ‘Submit Claim Form’.
An SMS notification was sent to my registered mobile after successfully submitting Form 10C. The pension claim was submitted with Form 10C, and the EPS pension amount got transferred to my savings bank account. After understanding, how to withdraw pension amount from EPFO, let us focus on,What happens if I don't withdraw my PF after my resignation?If you don't withdraw your PF after quitting your job, the account will remain open and will continue to earn interest. If the account is idle for a specific amount of time, it can be categorised as a dormant account and further paperwork might be needed to withdraw the money.While understanding how to withdraw pension contribution in EPF after leaving the job online, you should also be aware of the PF withdrawal rejection. PF withdrawal can be rejected by the EPFO for reasons such as incomplete or incorrect details, insufficient balance, mismatch in details, etc.Read More:Opt for NoBroker’s legal services and get assistance in all your legal issues from expertsRead More:How to change EPFO passbook password?How to ESign in EPFO And Register E-Sign in EPFO?EPF KYC Approval Pending Completion Process?
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How to withdraw pension contribution in EPF?
Lavanya
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October 1, 2021
2021-10-01T11:58:53+00:00 2023-06-22T19:57:34+00:00Comment
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