Why is 10C rejected?
Insufficient Service. Insufficient Service rejection means that you have not served your service for a min. duration of 6 months. In such scenarios, you would be able to apply for EPF Withdrawal using Form 19 but cannot apply for EPS(pension) withdrawal using Form 10C.
Why is my pension claim rejected?
Unclear cheque can also lead to rejection. Another reason for the rejection of the EPF claim withdrawal can be due to incomplete KYC. If the KYC details are not complete and verified, then the EPFO can reject the EPF withdrawal claim.
What is Form 10C scheme certificate?
Form 10C is a form that should be filled and submitted when claiming benefits under the Employee Pension Scheme (EPS). Every month a part of the overall PF contributions is segmented into the Employee Pension Scheme, and this section of the proceeds from your PF account can be withdrawn using Form 10C.
Can I apply both Form 19 and 10C?
If a member’s Universal Account Number (UAN) is active and KYC details are linked with the account, then Form 10C, 19, and 31 can be submitted even without employer’s attestation for the initiation of claim settlement.
How long does it take to settle Form 10C?
The department has also planned to settle the claims online within 3 hours of the request provided that the EPF account is seeded with Aadhar and bank account details. The timeline in case of claim settlements is 10 days and 15 days in case of grievance redressal management.
How do I claim an EPS?
EPS Withdrawal The individual can withdraw the savings of EPS on the EPFO portal by claiming Form 10C. The employee should have an active UAN and link it to the KYC details in order to withdraw the savings from the employee pension scheme. Based on the years of service one can only withdraw a percentage of EPS amount.
Who can withdraw PF pension?
As per the EPF act 1952, any person who retires after completing service of 58 years minimum is eligible to withdraw the full PF amount and claim the EPS amount.
How is Form 10C calculated?
How it works: If the salary at the time of EPS withdrawal after 8 years , by filing form 10C, is Rs 15,000, then the EPS money one receives is Rs 1,23,300 (Rs 15,000 * 8.22). Remember, the employee who hasn’t completed 10 years and does not wish to withdraw his EPS money, may opt for the scheme certificate as well.
How long will it take to process Form 10C?
The same message you will get for Form 10C/Form 31 also. Both the PF amount and pension amounts will be credited to your bank account within 2-3 hours gap. In general, the maximum time for NEFT payment is 1 to 24 hours, But in EPFO case it is taking more than 2-3 days.
Why Form 10C is required?
When in employment, an employee has a pension fund for securing the retirement age. In case of change of employment, the employee can carry forward the same account for pension. Therefore to avail the benefits but retaining the membership with Employee Pension Fund (EPF) the employee files a Form 10C.
