Before the implementation of the Composite Claims Form by the EPFO, the whole process, involving the required attestation of one's employer and so on to make a withdrawal, took a few months and in some cases years.
Employees, more often than not, were harassed by their employers when it came to them attesting the withdrawal form. Thankfully, following the Government of India's initiative to ease the process of settling EPF claims, now EPF customers can get their claim settled in 5-10 days.
All that the customer needs to do is link his/her Aadhaar card to their UAN to get the job done in a few days and fill in the Composite Claims Form - which contains the Aadhaar details of the EPF member.
To make a PF claim settlement, employees need to follow the steps mentioned below:
The Government of India has introduced the Composite Claims Form - which holds the details of the customer's Aadhaar card.
Using this Composite Claim form, employees now do not need the attestation of their employer to make a withdrawal and neither is there a requirement for the employee's KYC documents as all that is required is the Composite Claims Form.
The introduction of the Composite Claims Form has reduced the time taken for an EPF claim settlement, reducing the process to within 5-10 days. To ensure that the claim is done within 5-10 days, employees need to fulfil certain conditions.
Recently introduced by the Government of India, the Composite Claims Form replaces the benefits that come with Form 19, Form 10C (for pension) and Form 31 (for partial withdrawals from EPF).
Now, to make PF settlements, customers have to only fill the Composite Claims Form. The benefits of the Composite Claims Form are listed below:
The EPF has a lock-in period of 5 years, within which any withdrawal made will be termed as a premature withdrawal. All PF withdrawals made after completion of 5 years in the EPF will be completely tax free as the EPF enjoys the EEE (Exempt, Exempt, Exempt) status. Withdrawals made before completion of 5 years in the scheme will be subject to TDS (Tax deducted from source) under Section 80C of the Income Tax Act. For example, if an employee has worked in one company for three years and another one for two years and has been making contributions towards the same PF account, he/she is eligible for withdrawals that would be completely tax free. Now, customers can make withdrawals, contributions and so on towards the EPF online, a factor that is luring more and more employees into this savings scheme. Currently, the EPF has an interest rate of 8.65% - the highest in tax savings instruments, making this another bonus feature of this savings scheme.
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