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Employees’ Provident Fund (EPF) is a retirement benefits scheme which is available to all the employees earning a salary. Under this, a member invests a part of his salary every month, and the employer also makes an equal contribution towards EPF and EPS accounts of the employee. This fund is maintained under the Employees Provident Fund Organisation of India (EPFO). When you change job, you can either withdraw the pension amount or can transfer it to the new one by submitting an EPS Scheme Certificate. However, you can withdraw the accumulate pension amount using Form 10C after 180 days of continuous service and before completion of 10 years of the service period.
At the time of employment, the employee has a pension fund which he keeps secured with the government for his retirement. Further, if the employee has changed his/her job, the employee can carry forward the same account to his new company. However, if the employee fails to find a job, the employee may apply for withdrawal of funds. Thus, to avail the benefits and at the same time, retain the membership with Employee Pension Fund (EPF) the employee files a Form 10C.
The eligibility to apply in Form 10C is as follows:
Form 10C helps in claiming:
Have a look at them in detail:
Scheme Certificate: You can claim this certificate when the complete period of service of your employment is:
Withdrawal Benefit: This certificate is issued if you have been in service for less than 9.5 years, and has not reached the age of 50 years as of application date. Also, the scheme allows you to withdraw your pension money before attaining the age of retirement
Some of the essential information needed for Form 10C are:
Moreover, you need to be cautious at the time of filling the above details without any strikes/ corrections/ overwriting. In case of any corrections, it shall be attested.
Follow the below important instructions:
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