EPF members can choose from a variety of different reasons to exit the organization, but only three are currently available. These include EPFO Mark Exit Reasons and Type i-e Notified By Employer Or Retirement Age Increase Leave or Bonus Earnings Accrual On Filing Form 16 M personally qualified bond fulfillment by an employee.
While he/she is working with employer company over six months on continuous employment without any break exceeding 90 days at least in twelve calendar months before applying this facility.
Trade Unions Special Membership Certificate Grantee having more than one membership certificate granted under section 8(1) (b), 11., 13.(2). 21 – 23, 31, 35, 45, 63, 62, 64, 65, 83, 118, 119, 120, 121, 127, 160, 164a, 167, 180sw & 137.
There are serval type of EPFO Exit as:
1. Retirement
EPF retirement is an easy way to make sure that you don’t get caught unaware. You can retire at any age, as long as your employer allows it and there are no other restrictions in place like mandatory waiting periods.
Before receiving benefits or resigning from one job with another company on the same day without having worked enough hours total between both companies’ presences on earth (the golden rule!).
When choosing this option during updates after filing out a new application form; under PF details select “RETIREMENT.”
2. DEATH IN SERVICE
There are many risks to an employee’s life, but there is one danger that stands above all others- death in service.
When tragedy strikes and they lose a loved one during their time at work or while away on vacation; the DEATH IN SERVICE option must be selected for both Employer Data Locker Interface (EDLI) insurance coverage as well as Pension Fund administrator processing purposes.
Because it will update your existing PF information with any remaining funds available from these accounts if applicable. It also ensures you have access through automatic withdrawal notifications should anything happen before retirement like Disability payments would begin being made by.
3. Superannuation account
The year 2030 is fast approaching and there are many of you out there that may be considering retiring. If you’re like most people, the idea of retirement brings about mixed emotions; excitement for some, fear for others.
One thing that’s important to consider is whether your superannuation will last given how much it costs to live these days. The good news is that if you plan ahead and get the right advice from an expert in this area, then yes! You can live a comfortable life after retirement with your superannuation fund intact.
A word of caution though: don’t rely on your spouse’s fund because they might not have enough saved up by the time they retire too.
Many of us are unaware that we have a superannuation account. If you’re not sure, contact your employer and ask them to send you the details. There is no time like now to start looking at this for yourself so that one day, when retirement comes knocking on your door, you’ll be able to answer with confidence.
4. Be prepare about PERMANENT DISABLEMENT
“What is it with you people? You are all so damn eager to throw your lives away. I mean, sure, if you’re gonna die anyway. Then go ahead and do what ever the hell you want but please think about the rest of us who have to live in this shitty world that’s falling apart.”
This is not a story for those seeking an inspirational message. It’s about how some people end up permanently disabled due to unfortunate circumstances.
If you’re a permanent disablement account holder, this post is for you. We all know that some days are better than others and those days can be really hard to get through. You may have some questions about what can happen if your funds are not there when the day comes where you need them most.
5. CESSATION (SHORT SERVICE)
It’s not always because of poor performance, sometimes there are other reasons for a termination letter. Provident Fund account holders might have been laid off or their contract has expired.
But before you panic and start looking for another job, let us share with you the process to take if your company sends you an “CESSATION (SHORT SERVICE) – Any Other Reason” letter.
Check Your Notice Period– If your notice period is less than 30 days, then it means that the employer wants your services just until the end of this month. This will be indicated on your notice as well. The date specified in this case should also be written down on a piece of paper.
6. Exit reason is death at service
It is a sad day when your provident fund exit reason is death. The good news though, it’s not the only way you can access that money. In most cases if someone dies away from service, they have two options: to take a lump sum payout or to transfer the balance of their account into an IRA for beneficiaries.
A man’s life is but a walking shadow, a poor player that struts and frets his hour upon the stage and then is heard no more: it is a tale told by an idiot, full of sound and fury, signifying nothing.
All our joys and sorrows are such as these; they come unsought we know not how or why; we say we feel them coming; but when they arrive there is neither shock nor surprise.
No one can tell what will happen in the future, so don’t get too excited about your retirement just yet!
7. Short service notification due to Employee Ill Health
“Employee Ill Health” is a phrase that many people in the UK are familiar with. It’s a reason for early retirement, and it can be used as an excuse to take time off work.
There are also cases of employees getting ill while working, which means they have to take more time off work than expected. The employee may not get their full entitlement because of this, so they would want to use one of the other reasons for leaving provident fund schemes.
If you find yourself with a disability or other medical condition that prevents you from working for more than three months, then it may be worth considering getting out of your current position and looking for another one where you can work part-time or remotely.
You never want to give up on your career because of injuries but if the only way that will allow you to work is by doing something else, then it might be worth exploring this option before resigning under bad terms.
Conclusion (Final Remark)!
It’s important to know the different types of exit reasons for updating EPF date of exit. Because it will help you make informed decisions about how and when you want to leave your job.
Knowing what options are available on the employer portal can help guide your decision making process, but be aware that there is more information than just three PF Exit Reasons (EPFO Mark) options!
We recommend clicking through this blog post link above for a full list of all 7 possible EPF mark exits with explanations as well as an explanation of the various potential impacts they may have on your retirement benefits.