BANGALORE: With the introduction of Employees Provident Fund Organization (EPFO), the withdrawal of Provident Fund accounts has become easier and user-friendly.

To withdraw the amount, the employees just need to follow simple rules and fill in some information. EPFO has recently rolled out a simpler way to withdraw the amount by directly connecting to the retirement fund body without the attestation of the employee, reports NDTV.

Here’s all you need to know how PF amount withdrawal has become easier.

1. The facility will be made available to employees whose PAN, Aadhaar card and bank account have links with the Universal Account Number (UAN) and the verification is done by the recruiters, using the KYC form.

2. Once KYC verification is complete at workplace, employees can access this withdrawal facility. Nearly 2 crore subscribers can avail for it.

3. The existing rule of waiting for two months after leaving a job to avail this facility will still continue.

4. With a view to make the process of withdrawal simpler, UAN number was rolled out in 2015 where subscribers are allotted a number which helps in withdrawing the amount while switching jobs.

5. This facility will ease the situation of the employee while switching jobs, where they wouldn’t have to contact their previous employers.

6. Before the introduction of this facility, employee verification was done after leaving the job on employer’s attestation of identification details.

7. The claim for the withdrawal of the amount has to be manually sent to the provident fund office by the subscribers.

8. Subscribers can now skip the part of attestation of identification documents from employers and can apply for withdrawal using the form under the new facility.

9. Subscribers seeking for advance from PF account can also avail for partial withdrawal using Form 31. However, advance from PF account is allowed to users under the scenario of reimbursement of housing loan, house construction, education of children and illness.

10. The organization is working over bringing the process of PF withdrawal to online, making it even easier and subscriber-friendly.

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