I am joining a new company, so I would like to withdraw my EPF amount. Please let me know if we can withdraw the amount (Employee Contribution + Employer Contribution) and leave the Pension Contributor Amount. Also, in my new organization, can I continue with the same EPF account? Additionally, please let me know when we can be eligible for a pension.
From India, Hyderabad
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From India, Hyderabad
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Hello Rahul,
I am not sure exactly, but Form 19 is used for EPF withdrawal. If you have contributed to the PF account for more than 9 years, the pension amount will not be withdrawn. If you don't withdraw, then Form 13 is used to transfer the EPF account from one company to another. The eligibility for a pension is at the age of 58.
Regards,
Sarita
From India, Mumbai
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1I am not sure exactly, but Form 19 is used for EPF withdrawal. If you have contributed to the PF account for more than 9 years, the pension amount will not be withdrawn. If you don't withdraw, then Form 13 is used to transfer the EPF account from one company to another. The eligibility for a pension is at the age of 58.
Regards,
Sarita
From India, Mumbai
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Hello Rahul,
Yes, you can withdraw your PF and keep the pension by obtaining the scheme certificate. To do this, you need to sign Form 10C, indicating your intention to obtain the scheme certificate. You can then present the certificate to your new employer.
Regards, Sarita
From India, Mumbai
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Yes, you can withdraw your PF and keep the pension by obtaining the scheme certificate. To do this, you need to sign Form 10C, indicating your intention to obtain the scheme certificate. You can then present the certificate to your new employer.
Regards, Sarita
From India, Mumbai
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Yes, fill out Form 10C and Form 19, but make sure to tick the box for obtaining the scheme certificate by keeping the pension fund amount of 8.33% as it is. You can surrender the scheme certificate to the new employer and transfer the pension fund so that your pensionable service is accumulated.
Thanks and Regards,
Phani Kumar Sista
From India, Hyderabad
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Thanks and Regards,
Phani Kumar Sista
From India, Hyderabad
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Mr. Rahul,
Form 19 is used for the withdrawal of the employee's contribution, and Form 10 C is used for the withdrawal of EPS (Employer part payment). If you opt out of the pension scheme certificate, then only will you receive this contribution. If you choose "YES" for the pension scheme, you will receive a pension. As per the revised EPFO circular, TDS is applicable to the withdrawal of PF before completion of 5 years, please take note of this. Always advise people to transfer the PF amount; this is a saving that will be beneficial at the time of retirement for a private employee. Constantly considering withdrawing and spending is not advisable.
Secondly, you are eligible to claim a pension on or after crossing 50 years, with a lesser percentage than when you receive a pension after crossing 58 years. The decision is yours to make.
Once you withdraw your contributions or employer contribution, you cannot use the same number in a new organization.
Regards
From India, Hyderabad
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Form 19 is used for the withdrawal of the employee's contribution, and Form 10 C is used for the withdrawal of EPS (Employer part payment). If you opt out of the pension scheme certificate, then only will you receive this contribution. If you choose "YES" for the pension scheme, you will receive a pension. As per the revised EPFO circular, TDS is applicable to the withdrawal of PF before completion of 5 years, please take note of this. Always advise people to transfer the PF amount; this is a saving that will be beneficial at the time of retirement for a private employee. Constantly considering withdrawing and spending is not advisable.
Secondly, you are eligible to claim a pension on or after crossing 50 years, with a lesser percentage than when you receive a pension after crossing 58 years. The decision is yours to make.
Once you withdraw your contributions or employer contribution, you cannot use the same number in a new organization.
Regards
From India, Hyderabad
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Dear Friend,
I was advised by the RPFC in Hyderabad not to submit the scheme certificate but to collect them all upon reaching the age of 50 or 58 to determine pension eligibility. Submitting the scheme certificate may lead to the risk of it being lost, and obtaining a duplicate could be a significant hassle. Therefore, it is suggested that we work for 2 or 3 years and accumulate the scheme certificates for safekeeping.
Regards
From India, Hyderabad
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I was advised by the RPFC in Hyderabad not to submit the scheme certificate but to collect them all upon reaching the age of 50 or 58 to determine pension eligibility. Submitting the scheme certificate may lead to the risk of it being lost, and obtaining a duplicate could be a significant hassle. Therefore, it is suggested that we work for 2 or 3 years and accumulate the scheme certificates for safekeeping.
Regards
From India, Hyderabad
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Mr. Rahul,
You have not provided the contribution period. In the absence of this information, we cannot give you an exact opinion on your query. Since you have left the company and are now working in another company, provisions are available in the scheme to transfer your funds from your old account to the new one by submitting Form No. 11 and Form No. 13. Note that the PF account may vary from company to company and will not remain the same.
Furthermore, I would like to reiterate through this forum not to withdraw your contributions. Instead, you should try to have them transferred until you reach the age of 58, which will be beneficial for you. This way, the accumulated amount with interest can be settled in your PF account, providing helpful resources for you. Additionally, you will be eligible for the Employees' Pension as per the scheme.
Adoni Suguresh
Labour Laws Consultant
From India, Bidar
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You have not provided the contribution period. In the absence of this information, we cannot give you an exact opinion on your query. Since you have left the company and are now working in another company, provisions are available in the scheme to transfer your funds from your old account to the new one by submitting Form No. 11 and Form No. 13. Note that the PF account may vary from company to company and will not remain the same.
Furthermore, I would like to reiterate through this forum not to withdraw your contributions. Instead, you should try to have them transferred until you reach the age of 58, which will be beneficial for you. This way, the accumulated amount with interest can be settled in your PF account, providing helpful resources for you. Additionally, you will be eligible for the Employees' Pension as per the scheme.
Adoni Suguresh
Labour Laws Consultant
From India, Bidar
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