How to Withdraw Your Pension Contribution from Previous Company in EPF Online | Eligibility Criteria for Withdrawing Pension Contribution | Can we withdraw pension contribution from PF while working? | Can you withdraw pension amount without leaving the job? | How to withdraw pension contribution in EPF after leaving the job?

If you have worked in a company that is registered under the Employees’ Provident Fund Organisation (EPFO), you may have contributed to the Employee Pension Scheme (EPS) along with the Employee Provident Fund (EPF). The EPS is a social security scheme that provides you with a monthly pension after your retirement at the age of 58 years.

However, if you have left your previous company and joined a new one, or if you are unemployed for more than two months, you may want to withdraw your pension contribution from your previous company in EPF online. Here is how you can do that.

How to Withdraw Your Pension Contribution from Previous Company in EPF Online

To withdraw your pension contribution from your previous company in EPF online, you need to follow these steps:

• Log in to the UAN member portal using your UAN and password.
• Go to Online Services and click on Claim (Form-31, 19 & 10C).
• Enter your bank account number and verify it.
• Select PF Advance (Form 31) as the claim type.
• Select Pension Withdrawal as the purpose of advance.
• Enter the amount of pension contribution that you want to withdraw. You can check your pension contribution amount on your EPF passbook or on the EPFO website.
• Fill in your address and upload a scanned copy of your cancelled cheque.
• Agree to the terms and conditions and submit your claim.
• You will receive an OTP on your registered mobile number. Enter the OTP and confirm your claim.
• Your claim will be processed by the EPFO and the amount will be credited to your bank account within 15-20 days.

Why You Should Use the EPF Calculator for Calculation:

You may have learned how to withdraw your pension contribution from your previous company in EPF online.

However, you may still have some questions or doubts about your retirement fund and pension. How much money will you have in your EPF account by the time you retire? How much monthly income will you get from the EPS scheme after retirement? How will your pension withdrawal affect your tax liability and your retirement corpus? These are some of the questions that you may want to answer before you decide to withdraw your pension contribution from your previous company in EPF online.

This is where the EPF calculator can help you. The EPF calculator is an online tool that can estimate your EPF fund available after retirement and your monthly pension amount based on your current salary, age, contribution rate, and interest rate. The EPF calculator can also show you how different scenarios such as changing your retirement age, increasing your salary, or withdrawing your pension contribution can affect your retirement fund and pension.

By using the EPF calculator, you can get a clear picture of your future financial situation and make informed decisions about your pension withdrawal. You can also use the EPF calculator to know your EPF Fund Available After Retirement.

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EPF Calculator

Present Age:

Retirement Age:

Your Monthly Basic Salary+DA Option:

Your Contribution to EPF (Min : 12%):

Your Employer's Contribution To EPF Optional:

Current EPF Balance Optional:

Current Interest Rate (8.1% For FY 2022-23) Optional:

Calculate

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Eligibility Criteria for Withdrawing Pension Contribution

You can withdraw your pension contribution from your previous company in EPF online only if you meet the following criteria:

• You have completed less than 10 years of service in total. If you have completed more than 10 years of service, you are eligible for a monthly pension after retirement and cannot withdraw your pension contribution.
• You have been unemployed for more than two months. You cannot withdraw your pension contribution if you are still working in another company or if you have joined a new company within two months of leaving your previous one.
• You have an active Universal Account Number (UAN) that is linked to your Aadhaar card and your bank account. You also need to update your KYC details on the UAN portal.

READ MORE – How to Withdraw PPF Amount from ICICI Bank Online or Offline

Things to Remember While Withdrawing Pension Contribution

Before you withdraw your pension contribution from your previous company in EPF online, you should keep in mind the following things:

• You can withdraw only one-third of your total pension contribution as a lump sum. The remaining two-thirds will be converted into an annuity that will provide you with a monthly pension after retirement.
• You will have to pay tax on the amount that you withdraw as per your income tax slab. You will also have to submit Form 15G or 15H if applicable to avoid TDS deduction.
• You will lose out on the benefits of compounding and tax exemption that come with investing in EPS. You may also face a shortfall in your retirement corpus if you withdraw your pension contribution early.

However, you may still have some questions or doubts about your retirement fund and pension –

• Can you withdraw pension contribution in EPF after leaving the job?
• How to withdraw pension contribution in EPF after leaving the job?
• Can you withdraw pension amount without leaving the job?
• Can we withdraw pension contribution from PF while working?
• How to withdraw pension contribution in EPF after leaving the job online?

So here are the answers to your Queries –

How to withdraw pension contribution in EPF after leaving the job?

The process of withdrawing pension contribution in EPF after leaving the job is the same as mentioned above. You just need to have an active UAN that is linked to your Aadhaar card and your bank account. You also need to update your KYC details on the UAN portal.

Can you withdraw pension amount without leaving the job?

You cannot withdraw your pension amount without leaving the job. The pension amount is meant for providing you with a monthly income after your retirement at the age of 58 years. If you want to withdraw your pension amount before retirement, you have to leave your job and meet the eligibility criteria as mentioned above.

Can we withdraw pension contribution from PF while working?

You cannot withdraw your pension contribution from PF while working. The pension contribution is meant for providing you with a monthly income after your retirement at the age of 58 years. If you want to withdraw your pension contribution before retirement, you have to leave your job and meet the eligibility criteria as mentioned above.

Conclusion :

Therefore, you should consider withdrawing your pension contribution from your previous company in EPF online only if you have an urgent financial need or if you are planning to invest it in another retirement scheme. Otherwise, it is advisable to transfer your pension contribution to your new company or keep it with the EPFO until your retirement.

I hope this article has helped you understand How to withdraw your pension contribution from your previous company in EPF online. I also hope that you have used the EPF calculator for calculation and seen how it can help you with your pension withdrawal. By using the EPF calculator, you can get a clear picture of your future financial situation and make informed decisions about your pension withdrawal.

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