The EPF, or Employees’ Provident Fund, is a savings scheme administered by the Government of India. This would help the working class of the country to have good savings, along with the support of their employer. As a contribution should be made by both the employer and the employee, this would provide additional support. The EPF would help the individual cover all their expenses arising after retirement.
There is also the GPF, which is the General Provident Fund, primarily designed for government employees. Employees are required to make a minimum contribution of 12% of their basic salary, while the employer is also obligated to make a similar contribution.
Requirements for Checking the Claim Status of an Individual
In order to check the claim status of EPF, the person should have the following information on hand:
– The UAN or Universal Account Number of the employee or individual
– The regional office of EPF of the employer
– The details of the employer
– Such extension code (as required).
Steps or Procedure for Checking the Claim Status of EPF Withdrawal
Once an individual or employee has ensured that all the above-specified documents or information are kept handy for claiming a withdrawal of EPF amount, they must raise a request through the EPFO or the Employees’ Provident Fund Organization. The EPFO is a statutory body that falls under the Ministry of Labour and Employment, Government of India.
However, merely by placing the request on the EPFO portal, you would not be able to know the current status of the claim. Hence, for this, the following steps should be done:
Step 1: Access the EPFO online portal, www.epfindia.gov.in, and on the home page, click on the tab named ‘Our Services’. This would initiate a drop-down menu from which the ‘For Employees’ option should be chosen.
Step 2: This will direct you to a page where services, important links, and employee downloads will be displayed.
Step 3: Go to the group named Services and click on ‘Know Your Claim Status’.
Step 4: Then, enter the UAN in the field provided for this purpose. After this, also enter the captcha code in the field given for the same.
Step 5: Now, on the next screen, enter the following details:
– The state of the PF office
– Select the PF office applicable to the user from the drop-down list appearing
– The establishment code of the entity
– The account number of the applicant or user’s EPF.
Step 6: And then click on the button named ‘Submit’, which will now fetch the status of your EPF withdrawal claim.
EPFO SMS Alerts
If the claimant’s mobile number is registered with the EPFO, SMS alerts will be sent to them. And this shall be sent for the following instances:
– Receive the claim application from the EPFO from the claimant.
– When the EPFO transfers the funds to the claimant’s bank account.
As per the provisions of the Income Tax, there can also be a liability of income tax arising on such EPF amount withdrawn. So, the claimant shall also refer to this.
Additional Points
The following additional points shall also be kept in mind:
– The claimant should have his Aadhar details so he can file a claim online.
– There shall also be a requirement to submit documentary evidence.
– And as per the latest amendments made, an employee need not get approval from employers to claim the withdrawal of EPF amount in his EPF account.
EPF is one of the most preferred savings schemes among employees nationwide, as it allows them to save over time, which can yield a substantial amount after a few years. The employer can also claim the contribution made by him to the employee account as an expense while filing an income tax return for the relevant assessment year, thereby bringing down the tax liability and also reducing the legal cost which the company would otherwise have to incur due to the applicability of law for not complying with the same.
The employees should wait for a good period of time so that they can have a good amount of savings in their EPF account, which would help them make a big investment or other purchase of an asset.
