Hi,
I quit my previous company before completing 6 months. I heard that if I with draw PF I wont get the Pension fund, is it true?
If I transfer the PF amount to new a/c created in the new company Will I get full amount?
Regards,
Bineesh
From India, Bangalore
I quit my previous company before completing 6 months. I heard that if I with draw PF I wont get the Pension fund, is it true?
If I transfer the PF amount to new a/c created in the new company Will I get full amount?
Regards,
Bineesh
From India, Bangalore
Hi Bineesh, Yes its true that you wont get pension. For pension employee should have 6 months contribution. Your PF a/c will be continued after transfering.
From India, Mumbai
From India, Mumbai
Dear Member,
The pf is a social security act, in-order to support the employee after retriment with pension, this act was introduced. If the person withdraw the amount before retirment, the whole purpose of the act is jeopardized. So, in order to discourage the employee, this clause there in pf act.
That if you withdraw the pf amount once, you are not eligible for pension, You are only eligible for provident fund only.
Thanks and Regards
jk
From India, Calcutta
The pf is a social security act, in-order to support the employee after retriment with pension, this act was introduced. If the person withdraw the amount before retirment, the whole purpose of the act is jeopardized. So, in order to discourage the employee, this clause there in pf act.
That if you withdraw the pf amount once, you are not eligible for pension, You are only eligible for provident fund only.
Thanks and Regards
jk
From India, Calcutta
It is always prudent to never withdraw or touch your PF amount. Always transfer the PF accumulation to your new employer. The reason being a) PF is meant for post retiral purpose, if the amount is withdrawn before superannuation then it loses its purpose. It serves as a good invisible investment in the long term. b) The PF amount is completely tax exempted, there is no tax on the PF accumulated amount, therefore if you keep it alive and withdraw is when you turn 58 the entire amount is credited to you in Full. c) The interest on the PF contrubutions is a good 8.5% on a compounded basis and guaranteed, whereas any other investment is taxable. In the long run again the accumulated Interest is tax free and serves as a good reliable source of investment.
To answer your question you can however withdraw, but if you have not completed 6 months then you will lose the EPS amount.
Regds
From India, Mumbai
To answer your question you can however withdraw, but if you have not completed 6 months then you will lose the EPS amount.
Regds
From India, Mumbai
But my doubt is not clear... If I transfor money from old PF a/c to new PF a/c will I get all the money (Provident Fund and Pension Fund)?
From India, Bangalore
From India, Bangalore
yes, if you transfer your amount from one account to another account you will get the whole amount. Form no. 13 will be filled for the transfer of account. Thanking you, Parvez
From India, Ahmadabad
11From India, Ahmadabad
The pension eligibility is only after attaining 58 years. 8.33 % of employers contribution subject to maximum of Rs.541/- at present goes to EPS'95 fund. You have a long career ahead, when you join a new company the employer will continue with the same.
Tanuja
From India, Delhi
Tanuja
From India, Delhi
Dear BN,
Submit Form 10C and get a scheme certificate from PF authorities while you apply for PF transfer through Form 13.
After receiving the Scheme certificate, submit it to your employer for onward submission to PF authorities. (Pl. take a copy of the Scheme certificate before you submit it to your employer). This will ensure that your old Pension Fund account gets merged with the new one.
Regards,
Shankar
From India, Madras
Submit Form 10C and get a scheme certificate from PF authorities while you apply for PF transfer through Form 13.
After receiving the Scheme certificate, submit it to your employer for onward submission to PF authorities. (Pl. take a copy of the Scheme certificate before you submit it to your employer). This will ensure that your old Pension Fund account gets merged with the new one.
Regards,
Shankar
From India, Madras
Hi,
I quit my previous company after completing 3 years than I joined other company and completed 2 years and after that I switch to my present company and completed 1 year and created new pf a/c. but not transfer both the previous PF account to new created PF a/c in the new compamy Will I transfer my previous both a/c ?
If I transfer the PF amount to new a/c created in the new company Will I get full amount?
subhas
From India, Raurkela
I quit my previous company after completing 3 years than I joined other company and completed 2 years and after that I switch to my present company and completed 1 year and created new pf a/c. but not transfer both the previous PF account to new created PF a/c in the new compamy Will I transfer my previous both a/c ?
If I transfer the PF amount to new a/c created in the new company Will I get full amount?
subhas
From India, Raurkela
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.
Early PF withdrawal won’t be easy.pdf
Guide Lines for PF Withdrawal.doc