There are numerous retirement benefit schemes available these days, one of them being the EPF scheme. This scheme is provided by the Employees’ Provident Fund Organization (EPFO) in the form of social security. The EPF Form 10C must be filled up and submitted when claiming benefits under the Employee Pension Scheme (EPS). Every month, a fixed portion of the employee's PF payments are allocated to the Employee Pension Scheme; an employee can withdraw this portion of the PF account using Form 10C.Read more
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Both the employee and the employer pay a specific amount in the EPF account using a Universal Account Number (UAN), which is uniquely allotted to each employee during employment. When an employee quits work, they either transfer their EPF to a new employer or withdraw it.
The employee must fill the EPF Form 10C to request a withdrawal. An employee can maintain the same EPF account even if they change jobs. If the employee cannot find new employment, they may seek a cash withdrawal. As a result, the employee must fill an EPF Form 10C to claim the advantage under the Employee Pension Scheme.
Employees can fill and submit EPF Form 10C online to collect benefits under the Employee Pension Scheme (EPS). To fill EPF Form 10C online, follow the process below:
Go to the Employees' Provident Fund's website (www.epfindia.gov.in).
Enter your Universal Account Number (UAN) and password to access the UAN member portal.
Click the "Online Services" link in the top navigation bar.
From the selection menu, choose Claim Form 10C.
See your member information, service information, and KYC information on the following page.
Select "continue online claim" from the dropdown menu.
You can verify your PAN number, cell phone number, and UAN number in the claim section.
Choose either a "withdraw PF only" or a "withdraw pension only" claim type.
Fill the claim form.
After completing the form, you will receive an OTP on your registered cell phone number.
Key in the OTP, and the withdrawal procedure starts.
An SMS notice is provided to the employee's registered cell phone number upon successful submission of the claim form.
The requested amount is sent into the employee's bank account after the claim is processed.
All participants in the EPS plan who meet the following conditions are eligible to apply.
He/she leaves a job before completing ten years and has reached the age of 58 before completing ten years of employment.
Completed 10 years of service but is under 50, or a member between 50 and 58, and refuses to accept a reduced pension.
A member's family/nominee if the member dies before completing ten years of service was over the age of 58 at the time of death.
It is a four-page form requiring the first two and third to be filled if employees have made any advances against the account. The last page is for administrative purposes only, and it is not mandatory to fill it up.
The first-page requests information such as:
Date of Birth.
Father’s and/or husband's names.
Account number for the PF
Beginning date with the employer.
The reason for leaving, as well as the date of departure,
The second page of the form will ask for information such as:
Family/nominee information; mode of transfer; date and signature; age and account information for remittances.
The following information is on the third page, which deals with advances:
Details of the member's earnings and non-contributory service time.
Date and signature.
The final component is purely administrative. The necessary authorities will fill this out.
Both the employee and the employer must sign all pages of forms obtained online. If employment ends, the form must be attested by a magistrate, gazette officer, village union president, post or sub-postmaster, village panchayat president, member, secretary, or chairman of a municipal or district local board, MLA, MP, member of the central board of trustees, regional committee of the EPF, manager of a bank where a savings account exists, or head of any educational institution.
The following documents must be included with the application in terms of requirements:
Date of birth certificates for children when requesting a scheme certificate.
A death certificate if the member is deceased.
A succession certificate for the member's legal heirs.
EPF is a good option for those looking for a steady income stream post-retirement. However, under such systems, the rate of return is limited, and on the other hand, market-linked investment plans, such as mutual funds, can reap significant profits. Employees can boost their profits by investing in mutual funds. After a month of unemployment and the submission of EPF Form 10C, they can take up to 75% of the EPS corpus, and after two months, withdraw the remaining amount.
*All savings are provided by the insurer as per the IRDAI approved insurance
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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