Investments in Employee Provident Fund (EPF) and Employee Pension Scheme (EPS) can hold you in good stead in the long run, especially after retirement. The rules state that full EPF amount consisting of employer's contribution, employee's contribution, and the interest amount can be withdrawn only after attaining the retirement age of 58 years. The money can be withdrawn before the retirement age under certain circumstances. Your EPF membership will continue, as the employer's portion is paid only after age 58. You can however withdraw 90% of your entire EPF amount after the age of 57.
As per the norm, the employee contributes 12% of the basic pay plus Dearness Allowance, to the PF account. The employer contributes up to Rs. 541 per month to EPS. The balance of 12% (basic pay + DA) and the EPS contribution are added to the EPF account. The interest is calculated on the whole EPF amount.
EPF Withdrawal Process
As per the latest EPF withdrawal rules, you do not need attestation of your employer for partial or full withdrawal of your PF corpus. You can request for online PF withdrawal using EPFO member portal or the UAN portal using Composite Claims Form.
Before you apply for an online withdrawal, make sure your UAN is active and the mobile number linked to your UAN is working. You also need to ensure that your UAN is linked with your Aadhaar.
EPF Withdrawal Form
Earlier, Form 31, Form 19, and Form 10C were used for online PF withdrawal. Recently, these three forms have been replaced by a Single Page Composite Claim Form. You can self-attest this form for processing.
Things to know about withdrawing your EPF post-retirement
- For a smoother withdrawal process, make sure that all your PF accounts are merged into one so that all EPF balances get added for calculation. The Employees' Provident Fund Organisation (EPFO) has launched a 'composite form' that can be used for withdrawal, transfers, advances, and others. You can merge these online.
- Transfer from the previous employer to the present one should be processed without fail, to make the withdrawals easy. Also, once you change your job, you have to submit Composite Declaration Form (F-11) to the new employer along with the basic details, Universal Account Number (UAN) and previous PF number.
- The present employer enters the information in the employer’s portal. If UAN is linked to Aadhaar and the bank details, the auto-transfer takes place once the previous employer verifies. The actual transfer is processed once the first contribution by the present employer takes place. For the offline transfer process, Form 13 will be required.
- The interest earned on EPF balance after retirement is taxable.
