Dear Members,
Can you please tell what to do under the following situation?
An employee was working with an organization where he had EPF account. Now he want to switch to an other organization which do not have EPF. What to do with his PF balance?
Thanks,
Praheli
From India, Calcutta
Can you please tell what to do under the following situation?
An employee was working with an organization where he had EPF account. Now he want to switch to an other organization which do not have EPF. What to do with his PF balance?
Thanks,
Praheli
From India, Calcutta
Hi In that case he/she can opt for claim of the PF funds by submitting Form 10C & Form 19
From India, Bangalore
639From India, Bangalore
HELLO Praheli for transfer of funds your current organisaton should have pf code in . but that is not available so it is better to claim your fund as said by Jeevarathnam sir. thanks sachin
From India, New Delhi
From India, New Delhi
Hi
Transfer option is applicable even if the new company has PF enrollment. Else only option is to withdrawal. Tell me what authentication that you are looking? PF withdrawal forms should be submitted only after 60 days from the day of last working day.
From India, Bangalore
Transfer option is applicable even if the new company has PF enrollment. Else only option is to withdrawal. Tell me what authentication that you are looking? PF withdrawal forms should be submitted only after 60 days from the day of last working day.
From India, Bangalore
Hi Praheli,
there is another alternative. Even if the amount can only be withdrawn (and not transferred), however, no one can force the employee to withdraw the accumulations. Keep the contributions there. It will earn you interest for at least three years (after three years, it will not earn interest as inactive account). In case, in these three years, the employee changes the organisation again the contribution can be transferred to the new employer. After two months (with some exceptions) after leaving, the employee can apply any time for withdrawal if the new employer does not have PF code.
Regards
Sanjeeb
From India
there is another alternative. Even if the amount can only be withdrawn (and not transferred), however, no one can force the employee to withdraw the accumulations. Keep the contributions there. It will earn you interest for at least three years (after three years, it will not earn interest as inactive account). In case, in these three years, the employee changes the organisation again the contribution can be transferred to the new employer. After two months (with some exceptions) after leaving, the employee can apply any time for withdrawal if the new employer does not have PF code.
Regards
Sanjeeb
From India
Hello Praheli,
I am totally agree with Sanjeeb.Adding to this,
You can communicate the same to that employee as well that not to withdraw the amount(if there is not such urgency to withdraw) wait for some time (Max is 3 yrs),the benefit of the same are:
1) Employee will get the intereset amount on that.(max for the 3 more years)
2) If the employee waits, probably in the upcoming years the organization larges its employee strength up to 20 or more than 20 then PF will be applicable to the organization in that case then employee can enroll himself in the PF in the new company & can transfer the PF from old organization to the new one by filling PF Transfer Forms-13.
As i have dealt with many PF Transfer cases and i am replying to you based on my experience still you have confusions & more queries you are more than welcome & to get the authentic info go through EPFO website.
BR,
Sunita Dhoundiyal
From India, Delhi
I am totally agree with Sanjeeb.Adding to this,
You can communicate the same to that employee as well that not to withdraw the amount(if there is not such urgency to withdraw) wait for some time (Max is 3 yrs),the benefit of the same are:
1) Employee will get the intereset amount on that.(max for the 3 more years)
2) If the employee waits, probably in the upcoming years the organization larges its employee strength up to 20 or more than 20 then PF will be applicable to the organization in that case then employee can enroll himself in the PF in the new company & can transfer the PF from old organization to the new one by filling PF Transfer Forms-13.
As i have dealt with many PF Transfer cases and i am replying to you based on my experience still you have confusions & more queries you are more than welcome & to get the authentic info go through EPFO website.
BR,
Sunita Dhoundiyal
From India, Delhi
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