If you are associated with Employees’ Pension Fund (EPF) then this will be useful information for you. EPF is also known as Employer Pension Scheme (EPS). It is operated by the government pension fund body called EPFO. Employees working in formal or organized sectors get their pension from this fund.
In EPF, contributions are made by both the employee and his employer. Some part of the salary of the employee goes to the pension fund, from which he gets a fixed amount as pension on retirement. This is done through Universal Account Number (UN) and Form 10C is mentioned in that sequence.
There are situations where Form 10C is required
Actually, when an employee retires from a company, he is left with two options. If he joins another company, then he can carry forward the PF money in it. Alternatively, if he wants, he can withdraw his money from PF. When the employee wants to withdraw money from his PF account, he has to fill the 10C form. He will also need the UAN number generated for this process.
The EPF certificate of the employee contains the details of his family members along with the period of his service. In case of death of the employee due to any reason, the nominee gets the money from the PF account. However, this benefit will be available only when the employee fills Form 10C.
Form 10C. certain conditions have to be met for
The money is transferred from the employee’s PF account to his designated bank account within a few days of filing Form 10C. However, not all employees get this benefit. There are certain conditions attached to it. Resigning before completing 10 years of service in a company, not completing 10 years of service in a company, age of employee more than 58 years, etc. are some of the reasons for not being eligible. Along with this, an employee can also get benefits from Form 10C before he retires permanently.
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