Hi,
I am on the verge of leaving my company at the end of this month after almost 13 years of service.I work in a retail organization in Hyderabad with the corporate office in Mumbai.I have a few questions related to my PF which I need guidance on.
1.Should I transfer my PF or do I withdraw it?What are the benefits of transferring my a/c?
2.If I decide to transfer it is there any rule which restricts my withdrawal till my retirement or I can withdraw it at the time of leaving my new company?
3.I am also contributing to VPF currently,can I keep contributing to the same from my new company also?Also till what time do I need to keep contributing to VPF(I started contributing around Nov 2011 or 2012 am not sure of the year)
P.S: My company merged with my parent company in May this year,thereby we have got new PF nos. From May.Earlier our corporate office was based out of Chennai,so I have 2 PF nos. One each in Chennai and Mumbai.
From India, Chennai
1I am on the verge of leaving my company at the end of this month after almost 13 years of service.I work in a retail organization in Hyderabad with the corporate office in Mumbai.I have a few questions related to my PF which I need guidance on.
1.Should I transfer my PF or do I withdraw it?What are the benefits of transferring my a/c?
2.If I decide to transfer it is there any rule which restricts my withdrawal till my retirement or I can withdraw it at the time of leaving my new company?
3.I am also contributing to VPF currently,can I keep contributing to the same from my new company also?Also till what time do I need to keep contributing to VPF(I started contributing around Nov 2011 or 2012 am not sure of the year)
P.S: My company merged with my parent company in May this year,thereby we have got new PF nos. From May.Earlier our corporate office was based out of Chennai,so I have 2 PF nos. One each in Chennai and Mumbai.
From India, Chennai
It is strange that you have two PF numbers. Ideally both should be merged and you should have only one account. Normally when you switch organisations, it is better to transfer the PF amount to the new one. However, transfer of funds take a long time and requires persistent followup. In your case since you already have two accounts and also contributing to VPF, you may better settle both these accounts and start a new one in your new company to avoid protracted correspondence, chasing etc.
From India, Madras
From India, Madras
Dear Mr. Anand.
Though u got two PF numbers, i presume that both are with different periods. U can merge them or u can withdraw by submitting Form 19 and Form10C. But while filling form 10C, you may opt for pension scheme certificate. U wl get pension when u cross 58 years. Keep all the scheme certificates safely. Dont submit this scheme certificate to any new company, this is as advised by PF authority at Hyderabad. Forget about VPF, u need to submit fresh declaration as per revised GO as well as additional service charges are applicable now. Better u can start PPF.
Save your PF amount and Gratuity amounts into LIC, thereby your future will be happy.
Regards===NV Subba Rao==
From India, Hyderabad
Though u got two PF numbers, i presume that both are with different periods. U can merge them or u can withdraw by submitting Form 19 and Form10C. But while filling form 10C, you may opt for pension scheme certificate. U wl get pension when u cross 58 years. Keep all the scheme certificates safely. Dont submit this scheme certificate to any new company, this is as advised by PF authority at Hyderabad. Forget about VPF, u need to submit fresh declaration as per revised GO as well as additional service charges are applicable now. Better u can start PPF.
Save your PF amount and Gratuity amounts into LIC, thereby your future will be happy.
Regards===NV Subba Rao==
From India, Hyderabad
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls