The Employee Provident Fund (EPF) is a lifetime endowment that helps in important life stages. It consists of 12% of the employee’s monthly basic salary, which is deposited in an Employee Provident Fund Organization (EPFO). Employers also donate a share to this fund, which grows to size over time.
Employees can easily obtain PK online. This can be easily done through EPFO’s e-SEW member portal. After leaving the company, the employee can withdraw all assets from the PF. However, even before retirement, you can withdraw some amounts if you meet certain criteria.
It is important to complete the KYC formalities before withdrawing provident fund.
Employees Provident Fund (EPF) is a lifetime deposit which comes in handy during crucial phases of one’s life. It consists of 12 per cent of an employee’s monthly basic salary, which is deposited with the Employees Provident Fund Organisation (EPFO). The employer also contributes a share in this fund, which becomes a sizeable corpus over a period of time.
Employees can withdraw their PF online quite easily. This can be facilitated through the member e-SEW portal of EPFO.
The employees can withdraw their complete savings in the PF once they retire. However even before retirement, they can withdraw a partial amount if they meet certain criteria.
Contributions and Withdrawals
Each national provident fund sets its own minimum and maximum contribution levels for workers and employers. Minimum contributions can vary depending on a worker’s age. Some funds allow individuals to contribute extra to their benefit accounts, and for employers to also do so, to further benefit their workers.
Governments set the age limit at which penalty-free withdrawals are allowed to begin. Some pre-retirement withdrawals may be allowed under special circumstances, such as medical emergencies. Additionally, in South Africa, provident fund payouts can be claimed at any age if the person has been a non-resident for three years over an uninterrupted period.2
In many countries, those who work past the minimum retirement age may face restricted withdrawals until full retirement. If a worker dies before receiving benefits, the surviving spouse and children may be able to receive survivors’ benefits.
Provident funds differ from another vehicle sometimes used in the developing world, the sovereign wealth fund, which is funded through royalties obtained from the development of natural resources.
Important Points For Withdraw Provident Fund
It is mandatory to link one’s Aadhar card with the universal account number (UAN) to deposit money to the PF account. This can be one online through the EPFO website or even through the UMANG mobile app.
Completing the “Know Your Customer” or KYC formality is also important before withdrawing PF.
For KYC, PAN card is needed and EPFO after completing the process, gives the PF account a “verified” status.
Important Steps To Withdraw Provident Fund
Visit the UAN portal at https://unifiedportal-mem.epfindia.gov.in/memberinterface/
Log in using your UAN and password and enter the captcha for verification.
Now go to the ‘Online Services’ tab and select the option ‘Claim (Form-31, 19 & 10C)’ from the drop-down menu.
On the next screen, enter your bank account number and click on ‘Verify’.
Now click on ‘Yes’ and proceed.
After this, click on ‘Proceed for Online Claim’.
Now in the claim form, select the claim you require under the tab ‘I Want To Apply For’.
Select ‘PF Advance (Form 31)’ to withdraw your fund. Then provide the purpose of such advance, the amount required and the employee’s address.
Now, click on the certificate and submit your application.
You may be asked to submit scanned documents for the purpose you have filled the form.
16 Comments After the employer approves the withdrawal request, you will receive money in your bank account. It usually takes 15-20 days to get the money credited to the bank account.
Overview of Public Universities in South Africa
Here's an overview of some public universities in South Africa, including general admissions requirements and estimated application periods. Keep in mind, specific program requirements and dates can vary significantly, so it's important to check each university's official website for the most current information.
University of Pretoria
- Admissions Requirements: National Senior Certificate with minimum scores in specific subjects related to the chosen program; for international students, equivalent qualifications.
- Application Period: Usually opens in March and closes at the end of July for most programs.
University of Cape Town
- Admissions Requirements: National Senior Certificate with pass levels required for degree study; subject-specific requirements depending on the program.
- Application Period: Application opens in April and closes at the end of July.
Stellenbosch University
- Admissions Requirements: National Senior Certificate with required marks; some programs have additional testing.
- Application Period: Opens in March and typically closes at the end of June.
University of the Witwatersrand
- Admissions Requirements: Matriculation certificate with university exemption; required scores vary by faculty.
- Application Period: Begins in March and ends on the 30th of September.
University of Johannesburg
- Admissions Requirements: Matric exemption with a minimum APS score; specific subject requirements based on the faculty.
- Application Period: Opens in April and generally closes by the 30th of September.
University of the Free State
- Admissions Requirements: National Senior Certificate with specific marks for the program applied to; additional requirements for certain courses.
- Application Period: Typically opens in April and closes at the end of August.
University of Venda
- Admissions Requirements: Completion of the National Senior Certificate with an endorsement for diploma or degree studies; specific APS scores needed.
- Application Period: Usually from May to September.
University of Fort Hare
- Admissions Requirements: National Senior Certificate with university exemption; certain programs may have specific requirements.
- Application Period: Opens around May and closes at the end of September.
University of the Western Cape
- Admissions Requirements: National Senior Certificate with specific performance levels; additional requirements for certain programs.
- Application Period: Generally from May to September.
North-West University
- Admissions Requirements: National Senior Certificate with university exemption; program-specific requirements may apply.
- Application Period: Opens in March and usually closes by the end of August.
Rhodes University
- Admissions Requirements: National Senior Certificate or equivalent; minimum academic performance in certain subjects.
- Application Period: Applications open in April and close at the end of September.
Nelson Mandela University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; portfolio or additional tests for some faculties.
- Application Period: Opens in April, with a deadline at the end of August for most programs.
Cape Peninsula University of Technology
- Admissions Requirements: National Senior Certificate with specific scores; additional requirements for certain courses.
- Application Period: Opens in May and typically closes by the end of September.
University of Limpopo
- Admissions Requirements: Senior Certificate with endorsement for diploma or degree courses; specific APS scores for different programs.
- Application Period: From April to September.
University of Zululand
- Admissions Requirements: National Senior Certificate with an endorsement for bachelor’s degree studies; specific score requirements for various programs.
- Application Period: Usually between April and November.
Central University of Technology
- Admissions Requirements: National Senior Certificate with specific scores for the chosen field of study; additional criteria for certain programs.
- Application Period: Application period generally starts in May and ends in October.
Vaal University of Technology
- Admissions Requirements: National Senior Certificate with a pass that qualifies for admission to bachelor’s degree, diploma, or higher certificate programs.
- Application Period: Typically from May to September.
Walter Sisulu University
- Admissions Requirements: National Senior Certificate with required scores for chosen programs; additional criteria for certain faculties.
- Application Period: From April to September.
This list provides a starting point for understanding the admissions landscape across South Africa's diverse higher education institutions. Given the variability in programs and requirements, it's crucial to consult each university's website for the most accurate and up-to-date information.