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Dear,
You can complete first of all the legal formalities for New P.F. Account No. (for the new company) & after that give your Employees Two Options.
(1) P.F. Withdrawal
==> If they Require P.F. money.
==> For withdrawal they have to filled Form No. 19, & 10 C.
==> They have to give Resignation from the old company
==> They can sumitted their P.F . form to the P.F. Office, after 60 days from their
Resignation date( Last working Day).
==> After Submision they will get their P.F. money in their Personal Bank Account No.
which is mention in the P.F. withrawal form. But after 30 to 45 day of waiting
period.
==> If the PF amount not received within 30 to 45 days time. You can complain to the
P.F. Commssioner of your area.
(2) P.F. Transfer
==> If Employees not require money. they can chose this option.
==> For this they have to Filled Form No. 13.
I can advise you to go for P.F. Withrawal formalities. Beacuse it is easy process & you will get enough time for the New PF Account No. for New comapny.
Thanks & Regards,
Rishikesh Desai
From India, Ahmadabad
You can complete first of all the legal formalities for New P.F. Account No. (for the new company) & after that give your Employees Two Options.
(1) P.F. Withdrawal
==> If they Require P.F. money.
==> For withdrawal they have to filled Form No. 19, & 10 C.
==> They have to give Resignation from the old company
==> They can sumitted their P.F . form to the P.F. Office, after 60 days from their
Resignation date( Last working Day).
==> After Submision they will get their P.F. money in their Personal Bank Account No.
which is mention in the P.F. withrawal form. But after 30 to 45 day of waiting
period.
==> If the PF amount not received within 30 to 45 days time. You can complain to the
P.F. Commssioner of your area.
(2) P.F. Transfer
==> If Employees not require money. they can chose this option.
==> For this they have to Filled Form No. 13.
I can advise you to go for P.F. Withrawal formalities. Beacuse it is easy process & you will get enough time for the New PF Account No. for New comapny.
Thanks & Regards,
Rishikesh Desai
From India, Ahmadabad
Dear Sujata,
You can complete first of all the legal formalities for New P.F. Account No. (for the new company) & after that give your Employees Two Options.
(1) P.F. Withdrawal
==> If they Require P.F. money.
==> For withdrawal they have to filled Form No. 19, & 10 C.
==> They have to give Resignation from the old company
==> They can sumitted their P.F . form to the P.F. Office, after 60 days from their
Resignation date( Last working Day).
==> After Submision they will get their P.F. money in their Personal Bank Account No.
which is mention in the P.F. withrawal form. But after 30 to 45 day of waiting
period.
==> If the PF amount not received within 30 to 45 days time. You can complain to the
P.F. Commssioner of your area.
(2) P.F. Transfer
==> If Employees not require money. they can chose this option.
==> For this they have to Filled Form No. 13.
I can advise you to go for P.F. Withrawal formalities. Beacuse it is easy process & you will get enough time for the New PF Account No. for New comapny.
Thanks & Regards,
Rishikesh Desai
From India, Ahmadabad
You can complete first of all the legal formalities for New P.F. Account No. (for the new company) & after that give your Employees Two Options.
(1) P.F. Withdrawal
==> If they Require P.F. money.
==> For withdrawal they have to filled Form No. 19, & 10 C.
==> They have to give Resignation from the old company
==> They can sumitted their P.F . form to the P.F. Office, after 60 days from their
Resignation date( Last working Day).
==> After Submision they will get their P.F. money in their Personal Bank Account No.
which is mention in the P.F. withrawal form. But after 30 to 45 day of waiting
period.
==> If the PF amount not received within 30 to 45 days time. You can complain to the
P.F. Commssioner of your area.
(2) P.F. Transfer
==> If Employees not require money. they can chose this option.
==> For this they have to Filled Form No. 13.
I can advise you to go for P.F. Withrawal formalities. Beacuse it is easy process & you will get enough time for the New PF Account No. for New comapny.
Thanks & Regards,
Rishikesh Desai
From India, Ahmadabad
When a new entity takes over, The new entity will already have a PF registration code, thus it is necessary for all the active employees of the old company to transfer their PF contributions to the new company. Once you transfer the money accumulated, your continuity of service is not broken and this helps an employee to get a good pension at the time of retirement.
From India, Bangalore
From India, Bangalore
Dear Sujata,
First you ensure that New Company's PF Account is generated and the Code Number is alloted. Then you may definately advise Employees to transfer their accumulated PF from Old Account to New PF Account.
Regards,
Vijay Jadav
From India, Mumbai
First you ensure that New Company's PF Account is generated and the Code Number is alloted. Then you may definately advise Employees to transfer their accumulated PF from Old Account to New PF Account.
Regards,
Vijay Jadav
From India, Mumbai
Pl ensure first whether the propretorship co. is covered under PF Act or not. If it is covered than legally you have to get the fund transfered to the proprietor ship co.
In case it is not covered then check for the total employment stength ( ur division employees + Propreitorship co. employees)
If it exceeds 20 the prop. co. falls under purview of EPS act & it has to obtain pf code no.
If it does not exceed 20 the prop. co. need not obtain the no. and ur employees can withdraw the pf funds.
In case it is not covered then check for the total employment stength ( ur division employees + Propreitorship co. employees)
If it exceeds 20 the prop. co. falls under purview of EPS act & it has to obtain pf code no.
If it does not exceed 20 the prop. co. need not obtain the no. and ur employees can withdraw the pf funds.
Hello friends,
All advice to opt for withdrawal of PF accumulations (when one's employment is transferred from one company to another) is indeed done in the interest of the employee as he would have the money in his hand and could rest only after spending it. Kindly note that this kind advice is against the principles on which the EPF law and scheme has been framed. The words "PRovident FUnd" mean providing a fund. IF one goes through the objects of the Act one can clearly see that it is meant to create a corpus for an employee to depend upon for his old age or for capital investments like building/purchase of house or for even providing for wedding, higher education, high costing medical attention. So it is prohibited under the EPF LAW to withdraw the accumulations when one shifts from job to job. An employee is supposed to transfer his accumulations from previous company to new company. Only when he ceases to be employed in companies covered under the EPF Act should he withdraw.
Actually the law prescribes that an employer is to obtain a declaration in form 11 from each incoming employee about his previous employment and details of his earlier pf. Nobody should ever advice a person to withdraw the pf in between jobs.
Please take care.
regards
From India, Bangalore
All advice to opt for withdrawal of PF accumulations (when one's employment is transferred from one company to another) is indeed done in the interest of the employee as he would have the money in his hand and could rest only after spending it. Kindly note that this kind advice is against the principles on which the EPF law and scheme has been framed. The words "PRovident FUnd" mean providing a fund. IF one goes through the objects of the Act one can clearly see that it is meant to create a corpus for an employee to depend upon for his old age or for capital investments like building/purchase of house or for even providing for wedding, higher education, high costing medical attention. So it is prohibited under the EPF LAW to withdraw the accumulations when one shifts from job to job. An employee is supposed to transfer his accumulations from previous company to new company. Only when he ceases to be employed in companies covered under the EPF Act should he withdraw.
Actually the law prescribes that an employer is to obtain a declaration in form 11 from each incoming employee about his previous employment and details of his earlier pf. Nobody should ever advice a person to withdraw the pf in between jobs.
Please take care.
regards
From India, Bangalore
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PF Online Transfer.pdf
Steps to transfer PF amount.jpg