Contact Us
चाहिए सारे समाधान तो है Share Samadhan! Free IEPF Search

PROVIDENT FUNDS

provident fund claim

What are Provident Funds?

The Employees Provident Fund is a retirement savings fund wherein both the employer and employee make equal contributions. Upon retirement or after two months of changing jobs, the employee can claim the accumulated Provident Fund amount, which includes contributions from both parties, along with compound interest earnings.

Additionally, there's the Employees' Pension Scheme linked to the EPF. It provides eligible retirees with a monthly pension. However, it's important to note that partial withdrawals can also be made for specific purposes like medical expenses, education, or home purchase before retirement. The specific rules may vary by country, so it's essential to understand the applicable regulations.

Unclaimed provident funds

What are Unclaimed Provident Funds?

A provident fund that has not been claimed or accessed by the employee even after 36 months post turning 55 years of age is termed as “inoperative provident funds”. Also, if these funds remain inoperative for additional 7 years, it is termed as “Unclaimed Provident Funds” and thereafter, transferred to Senior Citizen Welfare Fund (SCWF).

Moreover, the unclaimed provident funds from the SCWF must be claimed within the allotted 25 years.

Usually, contributions made by an employee and/or their employer throughout their work are accumulated in these funds with the goal of ensuring retirement security.

Reasons why provident funds become unclaimed

Why do provident funds become unclaimed?

Provident funds may become unclaimed due to various reasons, including:

Change of residence: Individuals may change their address without updating it with the provident fund authority, leading to communication lapses.

Oversight during job changes : When people move employment, they sometimes fail to transfer their provident fund accounts, leaving the funds with their former employer.

Lack of awareness : Some individuals may be unaware of their entitlement to a provident fund or may forget about it over time.

Death of Employee : In unfortunate cases, the family members of the deceased individual might be unaware of the existence of the provident fund account or lack the necessary information to claim it.

Documents required to recover unclaimed provident funds:

UAN of the employee

Identity Proof (Aadhar card, passport, or driver's license)

Address Proof (Utility bill, rental agreement, or voter ID card)

Employment Details (Employment records, salary slips, or Form 16)

Can unclaimed provident funds be recovered if the original account holder has passed away?

Yes, unclaimed provident funds can often be recovered even if the original account holder has passed away. In such cases, the legal heirs or beneficiaries of the deceased account holder may be eligible to claim the funds by following the necessary legal documentation and procedures. Share Samadhan can assist in navigating the process of claiming unclaimed provident funds on behalf of the legal heirs or beneficiaries.

unclaimed provident funds

How can Share Samadhan assist in recovering unclaimed provident funds?

Share Samadhan provides expert assistance in the recovery of unclaimed provident funds by:

  • Initiating the recovery process on behalf of the client.
  • Coordinating with relevant authorities, such as HR dept of companies and EPFO
  • Ensuring compliance with legal requirements and procedures.
  • Facilitating communication between the client and the authorities.
  • Providing guidance and support throughout the recovery process to ensure a smooth and efficient outcome.
Recover unclaimed provident funds
Get Help in Unclaimed Provident Funds

Get help in

Unclaimed PROVIDENT FUNDS

Why Share Samadhan?

600+

Crores recovered

12+ years

in the Industry

50+

full-time professionals

25,000+

Client Interactions

1600+

Business Associates

ZERO (0)

negative complaints to date

100%

Operational transparency

Dedicated

Account Manager

What our clients have to say about us..