If we start counting the merits of the internet, we’ll probably lose our brains and still wouldn’t reach a justified number. Such is the enormity of the web and its boons. Now, when it has reached every nook and corner of the world, how could the corporate sector be left behind? The release of job vacancies, exchange of documents and even salary transfer is online. Yes, if you particularly look at the payroll processing, even the smallest part like Employees’ Provident Fund is administered via a website. The most beneficial feature in this aspect is the online PF withdrawal option.
Before moving ahead, it is important to know what is EPF-
Employees’ Provident Fund is a retirement savings scheme under which the employer and employees make an equal contribution of 12% each to deposit in the employee’s EPF account. It is mandatory for any company having more than 20 employees and for employees earning less than INR 15,000 a month to make this contribution.
Let’s now walk through some of the most common yet noteworthy advantages of making the entire EPF operations available online.
All You Need Is An Internet Connection
You can sit comfortably at home and control your PF account by simply connecting to the internet and logging in to your account. You can read blogs available online for understanding the whole procedure of how to withdraw PF online and follow the same step-by-step. A good internet connection is everything you need to take actions as big as changing and modifying your PF account information and withdraw a part of the amount beforehand as well.
It Saves A Great Deal Of Your Time
Like older times, there is no intricacy in the debit procedure anymore. You simply have to make a few clicks and you are there. You do not need to engage in complicated procedures or meet different people to get your work done. All you are supposed to do is create an account on the official government website or EPF, log in to the same every time by entering the credentials and you can perform whatever function you wish to.
No Queuing And Minimum Paperwork
The hectic task of waiting outside banks and offices in long queues to withdraw PF is out of the scenario now. You don’t have to take out time especially to do nothing but keep running after concerned authorities and prepare ‘n’ number of documents just to withdraw your own hard-saved money. There is minimum paperwork involved now and with the availability of online options, the troubles are almost gone!
You Can Check Your Balance Anytime
Not only do you have the option to make online PF withdrawal, but you can also check the available balance in your PF account at any point of time. If required, you also have the privilege to take out the money as per PF norms. For instance, at the age of 54, you can withdraw 90% of the amount, if you are unemployed for a month, you can withdraw 75% and the remaining 25% in the second month. So, you can just check the available balance anytime and debit an amount as per the rule.
With UAN, It Becomes Easy To Access
Every individual is allotted with a separate 12 digit Universal Account Number, abbreviated as UAN. This number is an extremely crucial credential to get access to your EPF account. You can note the same down on a piece of paper or better memorize it for use at any given point of time. Without the presence of an employer and without a need to produce application form, you can check the PF balance and then withdraw the required amount with the help of this unique number.