Employees ‘ Provident Fund (EPF)
has given a big deal to the PF subscribers. This update has been done on the
Umang App, so that PF subscribers can apply online for the scheme certificate
easily after leaving the job.
What is FORM 10c (Scheme Certificate) ?
Employees ‘ Provident Fund (EPF)
is a retirement benefit scheme wherein a member invests a part of his salary
every month and equal contribution is made by the employer towards EPF and EPS
accounts of the employee. When you switch jobs, you can either withdraw the
pension amount or transfer it to the new one by submitting the EPS Scheme
Certificate. However, the accumulated pension amount can be withdrawn using Form 10C after 180 days of
continuous service and before completion of 10 years of the service period.
How to Get Eligible For EPS-95
Monthly Pension
If you also want to become a
pensioner under the EPS-95 Act and want to get a monthly pension after
retirement, then for that you need minimum 10 years of service under EPFO in 3
ways:
10 consecutive years of job:
If you join a job in a company and have a job
in that company for more than 10 years, then you are entitled to get monthly
pension under EPS-95.
By transferring PF :
If you cannot work for 10
consecutive years in any one company, then you can complete 10 years of service
by transferring your PF accounts while working at different place and under
EPS-95 you can get monthly pension. (But it is necessary to have 10 years of service
including all your previous year).
By taking the Scheme Certificate:
If you have not done a 10 years
job continuously and do not want to transfer PF while working at different
place, then when you leave the job from one place, then the full money of PF can
be withdrawn through Form-19, but you cannot withdraw pension money through
Form-10c and you can apply for Scheme Certificate.
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