I have one employee who was getting retired on 31st May-2015 from a senior position. Management wants to extend his regular employment by 6 more years and he continues in job & both shares are deposited in his account. As per the company our retirement age is 58 yrs. He is getting EPF pension after completion of age 58 years but not withdraw employee share in his account (through From 19).
But after 5 years management has to transfer the employee to the same group company in other PF region (Like Delhi to U.P.) & EPF both shares continue to other EPF region. Employee online transfers his old company PF amount through Form 13. but P.F.'s office does not settle his account.
The employee would not like to withdraw his EPF amount due to the good interest rate of the EPF department and he is interested to transfer to a new EPF Account.
So can you pls help me with what we can do?
From India, Moradabad
But after 5 years management has to transfer the employee to the same group company in other PF region (Like Delhi to U.P.) & EPF both shares continue to other EPF region. Employee online transfers his old company PF amount through Form 13. but P.F.'s office does not settle his account.
The employee would not like to withdraw his EPF amount due to the good interest rate of the EPF department and he is interested to transfer to a new EPF Account.
So can you pls help me with what we can do?
From India, Moradabad
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Legal Clarification on PF Contribution Reduction & Transfer of Ownership & Management.pdf