Hi,
My company is merging into one, and I would like to find out more about the PF transfer and ESIC transfer. What activities do we need to do? When can we start these activities, and what documents are needed?
Any advice is greatly appreciated.
Norman
From Singapore, Singapore
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My company is merging into one, and I would like to find out more about the PF transfer and ESIC transfer. What activities do we need to do? When can we start these activities, and what documents are needed?
Any advice is greatly appreciated.
Norman
From Singapore, Singapore
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Sir, Can’t comment without knowing all the facts like merging with which constitution, whether covered or not. P k Sharma
From India, Delhi
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160From India, Delhi
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Hi Mr Sharma, We now have 2 entities with 2 PF and are going to merge the 2 entities into 1. Thanks Norman
From Singapore, Singapore
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From Singapore, Singapore
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Is it like you have two different entities, and one entity is going to take over the other entity and follow two different firm names? Or will X company be closed, and all the employees will be joined together with Y company? Unless and until there are clear details, it's very difficult to share the solution.
From India, Bangalore
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From India, Bangalore
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Hello all,
Post-merger of the organization, employees will now have a new PF account number with the establishment code of the new organization. Therefore, employees have to initiate an online PF transfer from the previous PF account to the current PF account.
ESI also needs to be renewed with the new organization details. Employees have to submit an ESI transfer letter to the ESI department for the same.
Hope this helps!
From India, Hyderabad
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Post-merger of the organization, employees will now have a new PF account number with the establishment code of the new organization. Therefore, employees have to initiate an online PF transfer from the previous PF account to the current PF account.
ESI also needs to be renewed with the new organization details. Employees have to submit an ESI transfer letter to the ESI department for the same.
Hope this helps!
From India, Hyderabad
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Mr. Norman,
What I understand is you are having two setups which are going to merge. If so, the constitution taking over the other will comply under ESIC and EPF for both in his existing registrations and intimation of the merger and making compliance into a single code has to be given to the appropriate authorities.
In the case of a change in the constitutional setup and its legal entity, the case may be changed.
P K Sharma
From India, Delhi
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What I understand is you are having two setups which are going to merge. If so, the constitution taking over the other will comply under ESIC and EPF for both in his existing registrations and intimation of the merger and making compliance into a single code has to be given to the appropriate authorities.
In the case of a change in the constitutional setup and its legal entity, the case may be changed.
P K Sharma
From India, Delhi
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ESI Insurance number can be linked to the Present Employer Code. Similarly, UAN can also be linked to the Present Employer. In ESI, there is no question of transfer. With regard to PF, you have to verify the action required for transfer, if any.
From India, New Delhi
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From India, New Delhi
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Previous ESI Insurance number can be linked to the present employer. There is no question of transfer as far as ESI is concerned.
PF UAN can also be linked to the present employer, as contributions are now remitted on a UAN basis.
Furthermore, for the previous PF transfer, appropriate action can be initiated as deemed fit.
From India, New Delhi
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PF UAN can also be linked to the present employer, as contributions are now remitted on a UAN basis.
Furthermore, for the previous PF transfer, appropriate action can be initiated as deemed fit.
From India, New Delhi
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Many thanks for all the advice.
Yes, X company will be closed, and all the employees will be joining Y company. For PF transfer by employees - may I know if it is true that this can only be initiated after the first salary under Y company is completed? Do employees need to go online to initiate the PF transfer?
For ESI - may I know whether the employees have to submit an ESI transfer letter to the ESI department, or is this done by the employer?
Regards
From Singapore, Singapore
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Yes, X company will be closed, and all the employees will be joining Y company. For PF transfer by employees - may I know if it is true that this can only be initiated after the first salary under Y company is completed? Do employees need to go online to initiate the PF transfer?
For ESI - may I know whether the employees have to submit an ESI transfer letter to the ESI department, or is this done by the employer?
Regards
From Singapore, Singapore
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Dear Norman,
You are not required to wait for the first salary preparation. Obtain the ESIC and UAN numbers of all employees who are leaving X and joining Y company, and insert them online in your employer's code where you only need to mention the date of joining. Requests for transfer from employees are not required in both cases.
P K Sharma
From India, Delhi
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You are not required to wait for the first salary preparation. Obtain the ESIC and UAN numbers of all employees who are leaving X and joining Y company, and insert them online in your employer's code where you only need to mention the date of joining. Requests for transfer from employees are not required in both cases.
P K Sharma
From India, Delhi
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(Fact Checked)-ESI Insurance and UAN can be linked to the present employer, but ESIC does allow for transfer. PF transfer requires verification and action. (1 Acknowledge point)