What is the use of Anatomy 10C in PF?: At the time of abrogation a job, one may either get the agent provident armamentarium (EPF) antithesis transferred to the new employer or abjure the PF balance. But, PF is alone one allotment of the employee’s retirement kitty, the added allotment is the Employees’ Alimony Arrangement (EPS) which is meant for alimony during retirement years. Along with EPF, there are funds in the EPS which the agent can either abjure or butt to the new employer. Carrying-over of EPS money is accessible through article alleged ‘Scheme Certificate’.
Both, the options – Abandonment of EPS money or opting for Arrangement Affidavit is accessible in Anatomy 10C. “Before attaining the age of 50 a affiliate may either abjure or can action for arrangement affidavit and one can adore arrangement affidavit and afresh again become a approved affiliate of EPS till attaining the age of 58,” says Prashant Singh, Business Head – Compliance and Payroll Outsourcing, TeamLease Services.
One can use the Composite Claim Anatomy ( Aadhaar/Non-Aadhaar) that EPFO currently uses for such cases. If you opt for Arrangement Certificate, the EPFO will accumulate a almanac of it and will appropriately assignment out the cardinal of years of service. Therefore, afterwards abrogation a job, if you ambition to abjure EPS money or opt for Arrangement Certificate, accomplish abiding you accept abounding the Anatomy 10C.
According to Singh, the afterward claims can be fabricated appliance PF Anatomy 10C:
As an employee, 12 per cent of basal bacon goes into EPF while an according addition is fabricated by the employer. However, not all of the employer’s addition goes into EPF – alone a allocation goes while the added allocation goes into EPS.
Every month, from the employer’s addition 8.33 per cent of basal bacon (up to Rs 15,000) goes into EPS and antithesis into EPF. So, irrespective of basal bacon Rs 1,250 ( 15000 * 8.33%) goes into EPS. Simply put, in a year, Rs 15,000 (Rs 1250*12) goes into EPS and in 5 years employer’s addition to EPS will absolute Rs 75,000.
After ten years of service, the advantage to abjure EPS money stops. On alteration job, one will accept to go for Arrangement Affidavit compulsorily. But, if you haven’t completed 10 years of account and ambition to abjure EPS money, you can do so by bushing Anatomy 10C.
After commutual 10 years of account and age 50, one may still get a alimony but at a bargain rate. Once you retire afterwards age 58, your approved and abounding alimony for a lifetime will begin.
The bulk of EPS money that is accustomed to be aloof afore commutual 10 years will be based on a assertive agency as set by EPFO. For archetype afterwards 5 years, one is acceptable to get 5.02 times of the admeasurement of basal bacon put into the arrangement i.e. Rs 75,300 ( Rs 15,000*5.02)
On retirement afterwards age 58, the alimony bulk will depend on the alimony formula, which is
(Pensionable Bacon assorted by Account Period) / 70.
The bacon for alimony adding is capped at Rs 15,000 and the best account aeon can be 35 years. The best alimony can accordingly be Rs 7,500 per month.
Every time you leave a job, accomplish abiding you download the Anatomy 10C and abide it to your employer afterwards bushing it. One can abide it online too. The EPS Anatomy 10C instructions will accord you the advantage to accept amid abandoning EPS money or opt for Arrangement Certificate, depending on your account aeon till date.
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