Dear Mr.Mallic,
There are some changes taking place in our orgnization.There is one start up propritership compnay who is going to take over some part of the organization.Our organization is currently a Public Ltd. company and we pay PF and ESIC for our employees.However I have been asked to transfer these employees to new compnay's pay roll.Now My question is shakll i ask all the employees who are getting transferred to withdraw PF or shall i transfer it to the new compnay's PF account.
Please answer as this will really help me to close this bbefor 1 st july.
With Regards,
Sujata
From China, Beijing
There are some changes taking place in our orgnization.There is one start up propritership compnay who is going to take over some part of the organization.Our organization is currently a Public Ltd. company and we pay PF and ESIC for our employees.However I have been asked to transfer these employees to new compnay's pay roll.Now My question is shakll i ask all the employees who are getting transferred to withdraw PF or shall i transfer it to the new compnay's PF account.
Please answer as this will really help me to close this bbefor 1 st july.
With Regards,
Sujata
From China, Beijing
dear sujata
see ,you company is public ltd company and some part of your organisation to be taken over by a another firm which is properitorship concern.there might be some agreement on the baisis of that this has been done.legally you can not ask them to withdraw this should be transfered .there is no dicontinuity in job.it has to be transfered.
regards
j s malik
From India, Delhi
167see ,you company is public ltd company and some part of your organisation to be taken over by a another firm which is properitorship concern.there might be some agreement on the baisis of that this has been done.legally you can not ask them to withdraw this should be transfered .there is no dicontinuity in job.it has to be transfered.
regards
j s malik
From India, Delhi
Hi Sujata,
Somewhat same case happend with our organization.
we changed the company name and entity.
So, we took resignation from all employees from the previous company name,
gave them appointment letter of new company and transfered their PF from previous accounts.
Withdrawl is subjected to employee's wish so u cant tell them to withdraw.
Also withdrawl porcess is done only after two months from last working day.
Gunjan
From India, New Delhi
Somewhat same case happend with our organization.
we changed the company name and entity.
So, we took resignation from all employees from the previous company name,
gave them appointment letter of new company and transfered their PF from previous accounts.
Withdrawl is subjected to employee's wish so u cant tell them to withdraw.
Also withdrawl porcess is done only after two months from last working day.
Gunjan
From India, New Delhi
Dear Sujata,
You can't transfer the PF amount in new company until you get a new PF number for your new company,you continue all workers on old account and submit a list of PF transferred account into a new company to the PF office.
You cant widrawal of PF for any particular empoyee.
There is no wish of employee to widhrawal of PF becuase they are not leaving the company ,only they are moving into branch company(sister concern).you can also keep PF account of all employees in your head office then there is no need to transfer PF account for worker but you need to get new PF number for your company .
Best Regards
Sajid Ansari
From India, Delhi
You can't transfer the PF amount in new company until you get a new PF number for your new company,you continue all workers on old account and submit a list of PF transferred account into a new company to the PF office.
You cant widrawal of PF for any particular empoyee.
There is no wish of employee to widhrawal of PF becuase they are not leaving the company ,only they are moving into branch company(sister concern).you can also keep PF account of all employees in your head office then there is no need to transfer PF account for worker but you need to get new PF number for your company .
Best Regards
Sajid Ansari
From India, Delhi
This all is applicable if the concern which is taking over a part/division or segment of your company is not a seasonal/Sick/Brick industry etc and having more than 20 or more employees are working wid it. the new concern should be registered for provident Fund and will have it's own code as we see in our PF nos e.g.Location/company code/....and den it can easily be transferred in the new account from the previous account.
From China
From China
Dear Mr. Malik,
This is w.r.t your clarification to Ms.Sujatha's PF query.
What happens to Employers contribution while transferring entire employee PF contribution to the new owner. Does the new owner bear the liability while settling their employee pf claims during employee separation. Pls guide.
Thank you.
From India
This is w.r.t your clarification to Ms.Sujatha's PF query.
What happens to Employers contribution while transferring entire employee PF contribution to the new owner. Does the new owner bear the liability while settling their employee pf claims during employee separation. Pls guide.
Thank you.
From India
In any circumstances, It is highly advisable to get the pf accumulations transferred to the new company as it has good future benefit to the employees at their age of 58 years. It is highly secured amount of savings in case of all employees. So, GET IT TRANSFERED.
From India, Madras
From India, Madras
Hi Sujata,
If the new company has separate PF code and pf a/c for employees than you go for transfering old company pf amount by submiting Form 13 through current employer to concerned pf office. Better trasfer so that all employees avail the pf benefits.
Rgds
Krishna
From India, Bangalore
If the new company has separate PF code and pf a/c for employees than you go for transfering old company pf amount by submiting Form 13 through current employer to concerned pf office. Better trasfer so that all employees avail the pf benefits.
Rgds
Krishna
From India, Bangalore
Dear Sujatha
On seeing your querry please clarify whether your present establishment is transfer and sale.
If so the present employer and proposed employer has to give letters to all employees with their signatures of takeover.
Pl. see the below draft letter for your ready reference
========================================
Sub: Transfer and sale of _____________________(Present company name) to __________________(Proposed company name).
The entire ____________(present company name with address) has been transferred to and vests in ________________(proposed company name with address) as a running business.
Consequent to the transfer and sale of ____________(present company with address), your employment of service will be taken over by __________(proposed company name with address) from _________(date, month, year) on the following terms and conditions.
1. Your services shall not be interruted by such takeover and your services after take over shall be treated as continuous.
2. The terms and conditions of your service (including retirement benefits) at present applicable to you shall continue to apply to you on such take over, and;
3. ___________(proposed company name) undertakes to discharge all statutory liabilities in respect of your service on the basis of continuity of your employment and service as if it is not interrupted by such take over of service.
Please sign and return the duplicate copy of this letter in confirmation of your acceptance of the above, with in 7 days of receipt hereto.
Yours truly,
We confirm the above
(for ______________)
Present Company Head for ____________________
Proposed company head
I accept the above and agree to continue service with
________(proposed company name) with discipline and
loyality.
Employee signature
Name
Employee ID No:
Department
================================================== ===============
Also you have to give the take over change information to all government concerned for effecting transfer etc.
So that the existing PF/ESI code numbers allotted to you will continue and no need to withdraw PF contributions of your employees
Hope the above is suffice if I understood the querry raised by you.
Tks & Regards
Vadlamani SR
From India, Hyderabad
On seeing your querry please clarify whether your present establishment is transfer and sale.
If so the present employer and proposed employer has to give letters to all employees with their signatures of takeover.
Pl. see the below draft letter for your ready reference
========================================
Sub: Transfer and sale of _____________________(Present company name) to __________________(Proposed company name).
The entire ____________(present company name with address) has been transferred to and vests in ________________(proposed company name with address) as a running business.
Consequent to the transfer and sale of ____________(present company with address), your employment of service will be taken over by __________(proposed company name with address) from _________(date, month, year) on the following terms and conditions.
1. Your services shall not be interruted by such takeover and your services after take over shall be treated as continuous.
2. The terms and conditions of your service (including retirement benefits) at present applicable to you shall continue to apply to you on such take over, and;
3. ___________(proposed company name) undertakes to discharge all statutory liabilities in respect of your service on the basis of continuity of your employment and service as if it is not interrupted by such take over of service.
Please sign and return the duplicate copy of this letter in confirmation of your acceptance of the above, with in 7 days of receipt hereto.
Yours truly,
We confirm the above
(for ______________)
Present Company Head for ____________________
Proposed company head
I accept the above and agree to continue service with
________(proposed company name) with discipline and
loyality.
Employee signature
Name
Employee ID No:
Department
================================================== ===============
Also you have to give the take over change information to all government concerned for effecting transfer etc.
So that the existing PF/ESI code numbers allotted to you will continue and no need to withdraw PF contributions of your employees
Hope the above is suffice if I understood the querry raised by you.
Tks & Regards
Vadlamani SR
From India, Hyderabad
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