A well-planned pension fund helps you save money for your post-retirement years so that you can retire without worry! You can establish a sizable pension fund by making regular contributions to your pension plan during your work years and receive steady returns over an extended period. That is why it is essential to understand the specifics of your retirement savings plan and how to withdraw PF pension amount when necessary. Keep reading to learn about withdrawal eligibility criteria, withdrawal rules, and other details.
The Employees' Provident Fund Organization (EPFO) implemented the Employee Pension Scheme (EPS) to benefit workers employed by all businesses and organizations. Workers who are covered by this plan are eligible for a pension plan by making regular pension contributions. You and your employer both will make a 12% contribution to the EPF account, and 8.33% (up to a maximum of Rs. 15,000) of the employer's 12% payment will go to the EPS. The remaining portion goes to the EPF.
The Employees' Provident Fund Organization (EPFO), an agency under the Ministry of Labour and Employment, Government of India, is in charge of overseeing and managing the Employees' Provident Fund, often known as EPF. This is a social security program in India, and it is intended to give workers in the organized sector retirement plans benefits and financial stability. A predetermined portion of each employee's pay is contributed to the EPF, and an employer-funded pension component (EPS) is also included in the EPF account.
An EPFO member may make a PF withdrawal from their PF balance and receive their EPS balance upon retirement in accordance with the Employee Provident Fund Act of 1952. You must submit the relevant paperwork to withdraw your pension, so take a look at the forms you will require.
The pension withdrawal rules are not difficult, and you can make the withdrawals online or offline, depending on your preference.
It is simple to withdraw money from your retirement plans online, but first, remember to check if you have the eligibility to withdraw pension contribution in EPF to avoid complications.
Step 1: Go to the e-Sewa website and enter your password and UAN to log in.
Step 2: Select a claim form from the "Online Services" menu.
Step 3: Verify the information and enter the bank account number associated with your UAN.
Step 4: Choose the justification from the drop-down menu after clicking "Proceed for Online Claim."
Step 5: Choose "Get AADHAR OTP" after entering your address.
Step 6: After entering the OTP that was sent to your mobile phone, you will be able to complete the online claim form.
No one needs to worry about how to withdraw pension contribution offline because the steps are simple. Just follow the instructions mentioned here:
Step 1: Go to the EPF website and download the Composite Claim Form (AADHAR or Non-AADHAR).
Step 2: Applicants using the Composite Claim Form must link their AADHAR number to their primary bank account number, and then share their bank account information.
(Note: The portal will be used for the activation.)
Step 3: The AADHAR seeding is required for users applying using the Composite Claim Form (Non-AADHAR).
Step 4: After providing all the information, submit the form to the EPF office of your jurisdiction.
Now that you know how to claim pension contribution, it is time to find out the eligibility criteria. An employee's EPF is funded with 12% of their base pay and dearness allowance, and the employer also contributes equally to this fund. Employees retain the ability to withdraw the corpus in an emergency, even though they usually do so after retirement. According to the EPF Act, everyone who retires after serving full-time in the job can go through a PF pension withdrawal process by following the correct procedures. However, in other cases, one needs to fulfill the requirements or circumstances stated below:
The Employee Provident Fund, or EPF for short, is a great retirement planning program that enables qualified workers to save money for their retirement by contributing to their fund every month. However, you can use other similar programs, such as PNB MetLife Saral Pension, for the same purpose and receive the same benefits.
We have explained in detail how to claim PF pension amount in various circumstances so that you can withdraw your money whenever you need to. Go through the procedures we have mentioned above and take your money out without facing any complications.
Yes, it is possible to withdraw pension contributions after leaving a job, but the amount you can withdraw will depend on how long you have been in the job. Remember that retirement and unemployment are two distinct situations, and different rules apply to each situation.
If you opt for an online EPF withdrawal, the money you have claimed will be credited to your bank account within fifteen to twenty days of submitting your application.
Yes, you only have to fill out the correct application forms for that process and submit them with all the required information. Remember that different rules apply depending on how many years you have been working on that job.
Piyush Kataria, SEO Manager at PNB MetLife, is a seasoned digital marketing strategist with over a decade of experience in optimizing websites for search engines. His expertise extends to keyword research, content strategy, technical SEO, and link building, all of which have been instrumental in driving organic traffic growth at PNB MetLife. With a strong foundation in life insurance, Piyush leverages his industry knowledge to create targeted and effective SEO campaigns.
Sakshi Malhotra is a seasoned marketing professional associated with the Life Insurance industry since 2007. At PNB MetLife, she heads Digital Marketing and Direct to Customer line of business. She is responsible for driving effective customer engagement through the company’s website and social media channels. In addition, she drives customer online buying journeys to help them buy the right product.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
PNB MetLife India Insurance Company Limited Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka
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