How to avoid delays in pension claims? Understand EPFO ​​Form 10C

If you have quit your job and are confused about your pension funds or service tenure, EPFO ​​Form 10C could be useful to you. However, it is important to understand the key details associated with this form.

During employment, a portion of an employee's salary is deducted as Provident Fund (PF). This PF money serves as a financial resource for the future. If you have left your job or are planning to do so, this information is relevant to you. If you wish to claim the pension amount deposited with the EPFO ​​or avail of related benefits but are unaware of the procedure, there is no need to worry.

Form 10C can be used to claim pension-related benefits. However, before proceeding, it is important to understand the details regarding who is eligible to fill out this form.

Learn about this form

If you are employed, you likely know that a portion of your salary is deposited into the PF account. Additionally, a part of the contribution goes towards the pension fund, known as the Employees' Pension Scheme (EPS). If you have left your job and wish to claim benefits related to the pension component, certain employees are required to fill out Form 10C. However, many employees may not be aware of the crucial details regarding this form.

Key details about Form 10C

Regarding the benefits of this form, eligible members can use it to apply for a pension-related 'Scheme Certificate' or to apply for the withdrawal of pension funds. However, it is important to note that you cannot simply choose between these two options at will; specific conditions must be met.

What happens if you quit after just 8 years of service?

If you have not completed 10 years of pensionable service, you can still apply to withdraw pension funds using Form 10C, provided certain conditions are met. Suppose you worked at a company for eight years instead of ten before leaving; under the stipulated terms, you can apply for the 'Withdrawal Benefit' using Form 10C.

What happens in this scenario?

If your pensionable service exceeds ten years—or even if it reaches exactly ten years—you can avail the benefit of a 'Scheme Certificate.' The major advantage of this is that the record of your previous service is preserved.

For instance, if you worked for 11 years and then left the job, the record of that 11-year pensionable service remains valuable; if you take up employment elsewhere later, your subsequent service can be linked to this earlier period.

What should you do when changing jobs?

If you are about to change jobs, find out which options regarding your pensionable service are available to you. Do not simply rush to withdraw your pension funds; consider that opting for a 'Scheme Certificate' preserves your past service record, which could prove beneficial to you in the future.