Provident fund (PF) is the designated small savings scheme which has been institutionalised to create a buffer for long-term for all the salaried-class people in India. The Employees’ Provident Fund Organisation (EPFO) manages the EPF account of all the registered individuals, as well as the credit, disbursal, claim status and passbook of provident fund account holders.
A person is allowed to withdraw the provident fund balance after retirement. However, the EPFO has certain provisions under which a salaried individual can apply for partial/premature withdrawals from the EPF account to meet the monetary requirements. The provident fund balance withdrawn before completion of 5 years is taxable also. Namely, a person is eligible to withdraw the partial amount from the provident fund account in case of unemployment, retirement, marriage/education of children, illness, loan repayment, purchase of land/house, renovation of house etc.
People who have applied for the withdrawal of provident fund balance can check the claim status through the EPFO online portal, www.epfindia.gov.in. A person who wishes to check the provident fund claim status can click ‘For Employees’ option given under the drop-down menu of ‘Our Services’ option on the EPFO website. After this, you can click on ‘Member Passbook’ to visit the EPF passbook login page. A registered user can log in with the valid UAN number and password. ….Read more>>