According to the rules of the Provident Fund Organization (EPFO), out of the amount deducted from the employee’s salary every month, 8.33% is deposited in the Employees’ Pension Scheme and 3.67 percent goes to the EPF every month.
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If the employee wants, he can also withdraw this pension fund if needed. But after withdrawing this fund, he is not entitled to get pension after retirement. The rule of EPFO says that if your job is more than 6 months and 9 years is less than 6 months, then you can withdraw pension fund .
If you also want to withdraw pension fund, then for this you must know about Form 10C. Form 10C is filled and submitted to withdraw the pension fund or to join with another job in the future. It can be filled and submitted both online and offline.
How to apply for pension fund
- If you want to apply for Withdrawal of Pension Fund, then you have to first go to the home page of UAN portal https://unifiedportal-mem.epfindia.gov.in/memberinterface/.
- Enter the UAN number and password and click on it. After that click on ‘Online services’ in the menu. Here you will see the option of Claim (Forms- 19, 31 and 10C). Click on this.
- After this, enter the last 4 digits of your bank account number and click on Verify. Sign on Certificate of Undertaking and click on Yes to agree to the term and conditions.
- Now you have to select the option of Only Pension Withdrawal (Form 10C) in I want to apply for tab. Enter your complete address and tick the disclaimer and click on GET AADHAAR OTP button
- An OTP will be sent to your mobile number registered with Aadhaar (UIDAI). Enter the OTP and click on Validate OTP and Submit Claim Form
- After this your pension claim form will be submitted and after verification by EPFO, the funds will be transferred to your bank account.
keep these rules in mind
If your job is less than 180 days, then you can get only PF money, not the amount deposited in pension fund. Apart from this, if your job has completed 9 years and 6 months, then it is considered as complete 10 years. An employee who contributes to the PF account after working for 10 years becomes eligible for pension after retirement. In such a situation, you will not be able to withdraw the pension fund before retirement. But at the age of 58, you will start getting the benefit of monthly pension from this fund, which will be available for life.
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