Withdraw Money From PF Account By Form 10C, Know More About It

If you are associated with Employee Pension Fund (EPF), then this would 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 the formal or organized sectors receive their pension from this fund. 

In EPF, contributions are made by both, the employee as well as 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 work is done through Universal Account Number (UN) and in this sequence, Form 10C is mentioned.

There is a situation where Form 10C is required

Actually, when an employee retires from a company, two options remain for him. If he joins another company, then he can carry forward the PF money in it. As another option, if he wants, he can withdraw his money from PF. An employee needs to fill 10C Form, when he wants to withdraw money from his PF account. He would also need UAN number ready for this process.

The EPF certificate of the employee contains the length of his service along with details of his family members. The nominee gets the money from the PF account, in case of death of the employee due to any reason. However, this benefit will be available only when the employee fills Form 10C.  

Certain conditions need to be fulfilled for Form 10C

Within a few days of filling Form 10C, the money from the employee's PF account is transferred to his nominated bank account. However, not all employees get this benefit. There are some conditions attached to it. Resignation before completion of 10 years of service in a company, non-completion of 10 years of service in any company, age of employee exceeding 58 years etc., are some of the reasons for not being eligible. With this, an employee can also get the benefit from Form 10C before he permanently retires.