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Employee’s Provident Fund (EPF) is a retirement saving scheme available to all salaried individuals. It is a savings platform that allow employees to save a portion of their salary each month and use it in case they are rendered unfit to work or at the time of retirement. Employees can also place a request for the final settlement of the EPFaccount after having left the job. An individual who wishes to do so i.e. withdraw funds for final settlement, is required to fill up and submit Form 19. Form 19 can be used for i) PF final settlement, ii) pension withdrawal benefits or iii) PF non-refundable advance. While the first two options can be selected during the time of termination of service by retirement or otherwise, the third option can be used during service, provided certain terms and conditions are fulfilled.
The contents of EPF Form 19 are as follows:
Put a ‘Tick’ against the one opted
(a) By Postal Money Order at my cost OR
(b) By Account Payee Cheque/ Electronic Mode of payment
(Please attach a copy of cancelled Cheque/Attested copy of first page of Pass Book)
An individual can use Form 19 to withdraw PF amount. He or she can place a request either at the time of retirement or while leaving the present job. Now, for the purpose of withdrawing the PF amount, one will need to satisfy two conditions. They are: