BAJAJ BROKING
Within the Employees’ Provident Funds and Miscellaneous Provisions Act 1952, a salaried employee, in India, has to make a certain contribution from their salary to EPF. EPF stands for the Employee Provident Fund and the contribution made is a percentage of the employee’s basic salary plus the dearness allowance. Under the Employee Provident Fund Scheme, the employer also has to make a percentage contribution. Withdrawals by the employee can be made under this scheme, but they require an EPFO member to fill in some forms for the same, and the EPF Form 19 is one of these.
The EPF Form 19 must be filled when an employee (a member) wishes to make a final withdrawal (final settlement) from their EPF/PF account. When an employee is initially enrolled into the EPF scheme by their employer, they may receive a UAN or Universal Account Number. This is a unique identifier of the employee who may wish to avail of certain services and facilities under the EPF scheme.
Nonetheless, in case some employees do not have a UAN, they can still make withdrawals from their EPF account by filling and submitting EPF Form 19, as mandated by the EPFO (Employee Provident Fund Organisation). In such cases, the member or employee only has to submit their EPF account number to apply for a withdrawal of funds from their EPF account. Form 19 is used when the employee wishes to claim a final settlement of their EPF account.
There are various EPF Forms available, and they serve different purposes. These forms must duly be filled and submitted to the EPFO to fulfil a claim settlement. All the required forms are readily available on the EPFO portal which can be accessed online.
It must be noted that to access the EPFO portal, an employee must have a UAN which needs to be activated before using it to access the portal.
EPF Form 19 can only be filled by an employee having an EPF account. The form is essentially used only to withdraw the entire EPF amount at maturity of the scheme, that is, the time of retirement, or when a member/employee is unemployed for a period of 2 months.
Nonetheless, if an employee switches employment from one organisation to another, their EPF amount will be transferred from a prior account to the new current account.
Also Read: Track PF Claim Status
The EPF Form no 19 can be found on the EPFO portal after you gain access to the EPFO home page. The form is two pages long, and employees must enter the details listed below:
Other details that must be filled by an employee include their postal address, a preferred remittance method (money order/cheque/bank details), and a revenue stamp of Rs. 1. The employee also has to submit a canceled cheque for the process of bank account verification.
Once you have activated your UAN, you can, as a member employee, access the EPFO portal and conduct processes and transactions related to your EPF online. Here are the steps to fill out Form 19 online via the EPFO portal:
Once the process is complete, you will receive a reference number. After your employer approves your application request, the PF amount due will be credited to the employee’s bank account.
Also Read: Difference Between EPF and PPF
There are some specific prerequisites to note before you go ahead and fill out Form 19. When you visit the EPFO home page on the portal, you should note that the following information is already prepared before you start:
Also Read: UAN Member Portal
The EPFO has developed a convenient online process for employees to submit Form 19 and make an application to claim their final EPF settlement. The key advantage of this self-process is that it does away with the need for attestation from the employer. The online process of submission and attainment is quicker too. Additionally, the process brings transparency with e-governance in full effect.
Share this article:
Moving Averages Indicator: Variations & Examples
13 Dec, 2024 | 8 Min. read
Learn Everything About Breakout Trading
13 Dec, 2024 | 9 Min. read
Gold Price in India | Gold Drops 1% After Reaching Five-Week High
13 Dec, 2024 | 39 Min. read
Statement of Account and Demat Account: Meaning & Differences
13 Dec, 2024 | 4 Min. read
What are the Timing For Commodity Market Trading?
13 Dec, 2024 | 6 Min. read
Defence Ministry Signs ₹13,500-Crore Deal with HAL for Su-30MKI Jets
13 Dec, 2024 | 2 Min. read
Kalpataru Projects To Raise ₹1,000 Cr Via QIP; Bags ₹2,174 Cr Orders
13 Dec, 2024 | 2 Min. read
Repo Rate & Reverse Repo Rate: Differences, Full Form & Meaning
13 Dec, 2024 | 5 Min. read
What is Spread Betting and How Does it Work
13 Dec, 2024 | 9 Min. read
Ashok Leyland Wins ₹345.58 Crore Order for 1,475 BSVI Bus Chassis
13 Dec, 2024 | 2 Min. read
Zomato Faces ₹803 Crore GST Demand, Including Interest and Penalty
13 Dec, 2024 | 2 Min. read
Share Market Today | Gift Nifty Indicates Negative Start For Indian Markets
13 Dec, 2024 | 4 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading