I have one employee who is set to retire on 31st May 2015 from a senior position. Management wishes to extend his regular employment by 6 more years, allowing him to continue in his current role, and both shares are deposited in his account. According to company policy, our retirement age is 58 years. He will start receiving EPF pension after turning 58, but he has not yet withdrawn the employee share from his account (through Form 19).
However, after 5 years, management will need to transfer the employee to the same group company in another PF region (such as Delhi to U.P.), and both EPF shares will be transferred to the new EPF region. The employee will transfer his old company PF amount online using Form 13, but the P.F.'s office has not yet settled his account.
The employee prefers not to withdraw his EPF amount due to the favorable interest rate offered by the EPF department and is keen on transferring it to a new EPF account.
Could you please advise on what steps we should take in this situation?
From India, Moradabad
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However, after 5 years, management will need to transfer the employee to the same group company in another PF region (such as Delhi to U.P.), and both EPF shares will be transferred to the new EPF region. The employee will transfer his old company PF amount online using Form 13, but the P.F.'s office has not yet settled his account.
The employee prefers not to withdraw his EPF amount due to the favorable interest rate offered by the EPF department and is keen on transferring it to a new EPF account.
Could you please advise on what steps we should take in this situation?
From India, Moradabad
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To the best of my knowledge, under the current rules, the PF account of the employee does not change with a change in employment or region. That is why they have the concept of UAN. So, he can take the transfer and continue with the same PF account. There is no difference.
From India, Mumbai
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2635From India, Mumbai
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Legal Clarification on PF Contribution Reduction & Transfer of Ownership & Management.pdf
PF Ledger.xls