Can an Employee Withdraw Provident and Pension Funds After 2 Years? What’s the Process?

Dear Friends,

If an employee has worked for 2 years in the organization, can he withdraw employee provident fund and pension fund? If he can, what is the procedure for the withdrawal of the pension fund from the PF authorities?

1) If we want to take a scheme certificate, what benefits will we get?
2) If we don't want to take a scheme certificate, what will we get?

Kindly suggest...

Yes, he can withdraw his P.F. accumulations by using Form 19 & 10C, which can be downloaded from the EPFO website. According to the P.F. department, withdrawing P.F. money means the individual is not working anywhere in India. Generally, people join another company and simply apply for withdrawal by using the above forms.

If we join another company, as per P.F. norms, we have to transfer our P.F. accumulations to the current employer by using Form No. 13. Regarding certificates, we have to retain them until retirement from service. However, we can withdraw in the meantime also by giving a self-declaration stating that I am not working anywhere in India and I am in dire need of money, etc. After verification of our request by the P.F. department, we can receive the money.

An employee who has been with the company for more than 6 months can withdraw the amount. When it comes to withdrawal, fill out forms 10C and 19, get them authorized by your employer, and return them to the provident fund office. Meanwhile, they provide you with 45 to 60 days to withdraw the form if you are not interested. This benefit is provided by the government to support employees after their retirement. If you do not wish to withdraw the pension, obtain a scheme certificate from the PF department.

If you choose to withdraw the total amount, 8.33% accumulated will be returned from your PF fund, resulting in the total amount being in your hands.

Is there any rule for withdrawal of the total pension fund? Like 10 years of service, etc.? Or can we withdraw both the pension and provident fund by submitting Form 19 and 10C (for 2 years of service)? Please suggest.

Dear Varam,

Those who have completed 10 years or more in EPF/EPS are entitled to a pension. Accordingly, for them, one-time withdrawal is not possible.

Abbas. P.S

He can withdraw his PF and pension fund accumulation. Scheme certificate is issued if service is more than 10 years.

Please let me know if you need any further assistance.

Dear Varam,

Either he can apply for a withdrawal benefit or a scheme certificate. There is no bar to apply for a scheme certificate for those having a service of fewer than 10 years.

Abbas

I have applied to transfer my PF account. It has successfully transferred after 1 year of reminders to the PF office. However, there is nothing mentioned about the accumulations towards the pension scheme. How can I track it? Can we transfer that also?

An employee worked in a company for only 5 months with PF number 475. According to the rule, if you have not completed 6 months or 180 days, you are eligible for a pension only, not for PF.

The same employee, A, has now rejoined (contract system company) with a new PF number 1091 and a total work duration of 9 months.

Withdrawal of PF Amount with Changed PF Number

Now, what should be done to withdraw the total amount from both PF numbers? The employee is the same, but the PF number has changed.

Please provide information on this topic.

Thanks.