Form 10C Meaning
Form 10C is a document used in India under the Employees' Provident Funds (EPF) scheme. It is a form that is filled out by employees to claim benefits under the Employee's Pension Scheme (EPS) when leaving their employment before attaining the eligibility for pension. Here is a detailed explanation of Form 10C and its purpose:
- Purpose:
Form 10C is used for claiming benefits under the Employee's Pension Scheme (EPS) by employees who are leaving their employment before completing the required service period to qualify for a monthly pension. It allows individuals to withdraw the accumulated pension fund contributions made by both the employee and the employer during the employment period. - Eligibility:
Employees who have contributed to the EPF scheme and have completed at least 10 years of service are eligible to fill out Form 10C. However, if an employee leaves the employment before completing the required service period, they can use this form to withdraw the pension contributions made on their behalf. - Components of Form 10C:
Form 10C consists of various sections that require the employee's personal and employment details, as well as information related to the pension scheme. The key sections of the form include:- Personal Details: This section requires the employee's name, address, PF account number, date of birth, and contact details.
- b) Employment Details: Here, the employee provides information about the establishment, employment duration, and the reason for leaving the job.
- c) Scheme Certificate: If the employee has previously applied for a scheme certificate (when leaving employment before completing 10 years of service), the details of the certificate are to be filled in this section.
- d) Bank Account Details: The employee needs to provide their bank account details for the purpose of receiving the pension withdrawal amount.
- e) Declaration: The employee must sign and declare the information provided in the form.
- Submission Process: To submit Form 10C, the employee must complete the form with accurate information, attach any required supporting documents (such as a canceled cheque for bank account verification), and submit it to the concerned EPF regional office or the employer.
- Processing and Disbursement: After receiving Form 10C, the EPF office or employer verifies the details provided by the employee. Once the verification is complete, the pension withdrawal amount is calculated based on the accumulated contributions made to the EPS. The disbursal of the amount is then made directly to the bank account mentioned in the form.
It is important for employees to keep a copy of the filled-out Form 10C and maintain it for future reference and record-keeping purposes.
In summary, Form 10C is a document used by employees in India to claim benefits under the Employee's Pension Scheme (EPS) when leaving their employment before attaining eligibility for a monthly pension. By filling out this form and providing the necessary information, employees can withdraw the accumulated pension fund contributions made on their behalf during their employment period.
Back to Glossary