Dear kunalsablok,
Since your service period is two years therefore you are eligible for pension amount withdrawal.
In your case it is better for you, complete your notice period service,fill PF and EPS
withdrawal forms and submit to the present employer for forwarding to the PF authorities, (eligibility for PF and EPS withdrawal is two months from the date of leaving).
The transfer of PF Accumalation takes very long period of time.(even years)
But if you want, You can also withdraw PF accumulations and can transfer your EPS accumulation to your newely joined company
The withdrawal of PF amount is totally tax free income and no income tax is deductable under the Income Tax Act.
Regards
naresh
From India, Pune
4Since your service period is two years therefore you are eligible for pension amount withdrawal.
In your case it is better for you, complete your notice period service,fill PF and EPS
withdrawal forms and submit to the present employer for forwarding to the PF authorities, (eligibility for PF and EPS withdrawal is two months from the date of leaving).
The transfer of PF Accumalation takes very long period of time.(even years)
But if you want, You can also withdraw PF accumulations and can transfer your EPS accumulation to your newely joined company
The withdrawal of PF amount is totally tax free income and no income tax is deductable under the Income Tax Act.
Regards
naresh
From India, Pune
If you have all the requisite papers with you, getting the PF transferred shouldn't be an issue. It might take time, but the money will come to you only. Further, you will be accumulating interest on it also. If all the documentation is in place, then generally there is no hassle.
These days a unique PF number is allocated, which remains the same irrespective of changing companies or changing locations anywhere in India.
Further, when there is no break in between jobs, or where PF is given in the next company also, then there is no sense to withdraw it and start a fresh one. For e.g. if I know I will leave my present job, where I was getting PF and get into entrepreneurship or if i know I will take a break from my work for some reason, then it is better to withdraw the PF. Otherwise why to lose on interests and other benefits like a getting a loan etc.
From India, Mumbai
These days a unique PF number is allocated, which remains the same irrespective of changing companies or changing locations anywhere in India.
Further, when there is no break in between jobs, or where PF is given in the next company also, then there is no sense to withdraw it and start a fresh one. For e.g. if I know I will leave my present job, where I was getting PF and get into entrepreneurship or if i know I will take a break from my work for some reason, then it is better to withdraw the PF. Otherwise why to lose on interests and other benefits like a getting a loan etc.
From India, Mumbai
You can withdrawl yr PF , because the benefit of the pension is only to those people who,s gross wages is 6500/- approx.
you should applied after leaving service two month coz the respective return will be submitted by the company to pf deptt. .
interest portion will net be effected in this regars con the interest will be calculated in the month of feb for the following year .
the amount of the pension & pf is kepk in yr hands after final settlement fromn PF .
if you are not interest to withdrawn after contineuation of 9.5 years the portion of 8.33 will be autometecly accounted into the pention so this portion is not recoverable .
therfore ,. advisable to you withdraw full &final settlement from EEEEEEEEEEEEEEEEEEEEEPFO.
reghards .
From India, New Delhi
you should applied after leaving service two month coz the respective return will be submitted by the company to pf deptt. .
interest portion will net be effected in this regars con the interest will be calculated in the month of feb for the following year .
the amount of the pension & pf is kepk in yr hands after final settlement fromn PF .
if you are not interest to withdrawn after contineuation of 9.5 years the portion of 8.33 will be autometecly accounted into the pention so this portion is not recoverable .
therfore ,. advisable to you withdraw full &final settlement from EEEEEEEEEEEEEEEEEEEEEPFO.
reghards .
From India, New Delhi
hi,
you will have to give an application mentioning that you do not wish to join any organization and hence you want to withdraw your pf amount.Otherwise a gap of six month is considered normal within the state,as it takes paper work from your ex employer (balance statement and code etc) to send to PF office and a new employer to submit their papers informing PF office of their area confirming you as their employee,and requesting them to transfer your balance in new account.so a six to nine months time is very normal in interstate transfer.
according to me you will not loose anything , but will gain if you withdraw the amount and deposit the same in PPF,their by not loosing income-tax relief.
regards,
dilip upadhyay
From India, Mumbai
you will have to give an application mentioning that you do not wish to join any organization and hence you want to withdraw your pf amount.Otherwise a gap of six month is considered normal within the state,as it takes paper work from your ex employer (balance statement and code etc) to send to PF office and a new employer to submit their papers informing PF office of their area confirming you as their employee,and requesting them to transfer your balance in new account.so a six to nine months time is very normal in interstate transfer.
according to me you will not loose anything , but will gain if you withdraw the amount and deposit the same in PPF,their by not loosing income-tax relief.
regards,
dilip upadhyay
From India, Mumbai
I will advise u 2 get it transfered as each year of P F contribution will entitle u for Pensionary benefits after 10 years of service,which is the best scheme. Don,t worry about delay if any which should not be more than 2 months if properly applied. Otherwise also while in new job ,u will have to contribute if eligible. Always try to contact on phone with P.F. Office in case of any problem. Nos. are available in u r office or visit website www. epfindia.com.
From India, Chandigarh
From India, Chandigarh
Hai,
Since the Family Pension Fund is in force in India, it is appreciable you to transfer your Provident Fund & Pension Fund dues to the account allotted for you by your new employer. If you withdraw your Provident Fund dues, your Pension Fund Seniority will lose
with regards,
Jagdish.K
From India, Kochi
Since the Family Pension Fund is in force in India, it is appreciable you to transfer your Provident Fund & Pension Fund dues to the account allotted for you by your new employer. If you withdraw your Provident Fund dues, your Pension Fund Seniority will lose
with regards,
Jagdish.K
From India, Kochi
Hi,
This is regarding your PF issue.
(i) We are not aware how much money is lying in your PF account. If it is substantial amount, i would advise u to transfer the PF amount to your new PF account. In this way, u would be able to save the substantial amount for your future requirement.
(ii) PF amount is meant for your future requirement. Once u withdraw the amount, u won't be able to save the amount as it is said "Laxmi is always moving from hand to hand".
From India, Mumbai
This is regarding your PF issue.
(i) We are not aware how much money is lying in your PF account. If it is substantial amount, i would advise u to transfer the PF amount to your new PF account. In this way, u would be able to save the substantial amount for your future requirement.
(ii) PF amount is meant for your future requirement. Once u withdraw the amount, u won't be able to save the amount as it is said "Laxmi is always moving from hand to hand".
From India, Mumbai
Hi
The PF transfer takes a long process, further if it is a state transfer then is would take more time to get transferred.
For long run i would prefer you not to break PF accumulated till date and continue it by transferring the same in new company. You get an interest rate of 8.5% which no bank gves.
It will take time to get transferred but it is always safe.
Regards,
Vishal R Ganapathy
From India, Mumbai
The PF transfer takes a long process, further if it is a state transfer then is would take more time to get transferred.
For long run i would prefer you not to break PF accumulated till date and continue it by transferring the same in new company. You get an interest rate of 8.5% which no bank gves.
It will take time to get transferred but it is always safe.
Regards,
Vishal R Ganapathy
From India, Mumbai
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PF Online Transfer.pdf
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