When an employee retires from a company and wants to withdraw his money from PF, then he needs Form 10C. However, not everyone gets the benefit of Form 10C. There are some conditions attached to it.
If you are associated with Employee Pension Fund (EPF), then this is the news of your work. EPF is also known as Employer Pension Scheme (EPS). It is operated by the government pension fund body EPFO. Employees working in the formal sector or organized sectors are given pension from this fund only.
In EPF, both the employee and his company make some contribution. 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 work is done through Universal Account Number (UN) and in this sequence, Form 10C is mentioned.
There is such a situation that Form 10C is needed, in
fact, when an employee retires from a company, he has two options with him. If he joins another company, then he can carry forward the PF money in it. As another option, he can withdraw his money from PF if he wants. In such a situation, if the employee wants to withdraw PF money, then he needs to fill Form 10C. For this he also needs UAN number.
The EPF certificate of the employee contains the length of his service and the details of his family members. In case of death of employee due to any reason, then the nominee gets the PF money. This benefit will be available only when the employee fills Form 10C.
Some conditions have to be fulfilled for
Form 10C, PF money is transferred to the employee’s bank account only a few days after filling Form 10C. However, its benefits are not available to all employees. There are some conditions attached to it. For example, if an employee resigns from the job before 10 years of service or without doing 10 years of service in any company, his age becomes 58 years etc. Along with this, even before the permanent retirement of the employee, you can take advantage of Form 10C.
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