EPFO: Employees Provident Fund (EPF) is monthly contribution towards an EPF account holder’s account. The employee and the employer both contribute to the EPF. Based on contributions and interest earned on it, one can withdraw lump sump or monthly pension from their retirement fund. To take pension from Employees Provident Fund Organisation (EPFO) or for a full and final settlement of the amount deposited in EPS, you need two types of forms. These are called Form 10C and Form 10D. Know what are these forms and why are they used?
Read More: EPFO Adds 16.02 Lakh Members In January; 8.08 Lakh Enroll For 1st Time
EPFO: If you are employed and contribute some part of your salary to Employees Provident Fund Organisation (EPFO), you would know that your and your employer’s contribution to Employees Provident Fund (EPF) is divided into two parts. One part goes into the EPF account and the other part into Employees Provident System (EPS). If needed, you can make partial withdrawal of funds from your EPF account. In another condition, any person can withdraw their entire EPF after remaining unemployed for two continuous months or after retirement.
Similarly, rules have also been made regarding the amount being deposited in EPS.
If the employee’s contribution in the EPS account has been for 10 years, they become entitled to take pension from EPFO after retirement.
But if the contribution is less than 10 years, they can make full and final settlement.
In order to withdraw EPS pension from the fund, form 10C and Form 10D are required. Know what are these forms and why are they useful.
Read More: How To Check EPF Balance Using UAN Number? Here’s A Step-By-Step Guide
EPFO: What is Form 10C?
According to EPFO rules, if the employee’s employment period is not 10 years and they want to make full and final settlement of their EPF, they can do so.
In such a situation, they have to fill Form 10C.
Apart from this, this form is also used to obtain the pension scheme certificate.
Through this certificate, one can transfer your balance from one company to another.
EPFO: When is Form 10D used?
If a person has been working for 10 years or more and is contributing to the EPF pension account, they can get pension from EPFO after retirement.
In such a situation, to avail pension benefits after retirement, they have to fill Form 10D.
Apart from this, if a person is entitled to receiving pension from EPFO in any other situation, they will have to fill Form 10D.
Read More: How To Make Corrections In Your EPF KYC Online; Step-By-Step Guide
EPFO: What are the uses of Form 31 and Form 19?
When you withdraw some part of your PF balance or advance PF to meet money-related needs during your job, you need PF withdrawal Form 31.
It is also called EPF Claim Form 31.
Withdrawal rules vary according to need.
Whereas when you have to withdraw the entire EPF fund, you use PF Withdrawal Form 19.
It is also called EPF Claim Form 19.
