EPF (Employee Provident Fund) is one of the most popular retirement savings schemes for you if you are a salaried employee. Your employer’s EPF contribution is deposited in two parts – EPF and EPS (Employee Pension Scheme).
EPS is a pension account that receives a contribution from your employer only. Form 10C is a form that you will use for receiving your benefits from the EPS account. For this, you can either visit the nearest EPFO branch or visit their website to fill the form online.
You can use form 10C to either withdraw the pension amount or commute your pension to the next employer. You can use the form to file a claim for the following:
i. Employer share refund
ii. Scheme certificate
iii. Withdrawal of EPS balance
You should claim a Scheme Certificate when you want to carry forward your EPS benefits/balance from your previous employer to the next.
Withdrawal of EPS balance is usually not a good idea if you wish to continue salaried employment. However, this option is available when your overall contribution period is less than 9.5 years, and you are below 50 years of age. Still, commuting your pension to the next employer is the best thing to do.
Here’s a step by step process to submit Form 10C online:
1. Log in to your member account using your UAN (Universal Account Number)
2. Click on ‘Online Services’ on the menu and select ‘Claim Form 10C, 19 and 31’
3. The next page shows your member and KYC status. Click on ‘Proceed Online Claim’ on this page
4. Choose the type of claim you want to make:
- Withdraw PF only
- Withdraw Pension only
5. Fill the claim form
6. Upon completion you will receive an OTP at your registered mobile number. Enter the OTP on the website to start your withdrawal
You will receive an SMS of the status of withdrawal and the amount will be transferred directly to your bank account.
You will need to submit the form through the employer as the document needs signatures from both employee and employer. However, in the case where the employer no longer exists, you can get the form attested by a gazetted officer.
Submit the form along with the following documents at your nearest EPFO branch:
i. Blank passbook copy/cancelled cheque
ii. Date of birth certificates of children when applying for scheme certificate
iii. Death certificate if the member is deceased
iv. Succession certificate for legal heirs of member
v. Re 1 stamp in case applying for withdrawal benefit through a bank