Dear Seniors,
I had recently joined a new company. My PF is with my old company. I worked in my last company for 3 yrs.
Which is the better option : ----------
Anuj
From India, Gurgaon
I had recently joined a new company. My PF is with my old company. I worked in my last company for 3 yrs.
Which is the better option : ----------
- Should I transfer my PF to new company?
- Should I withdraw the PF amount?
Anuj
From India, Gurgaon
HI,
I personally think PF withdrawl is better. One girl in my org left last year and joined another company in mumbai. Her PF transfer is still under process.
I think it takes equal time in withdrawl and transfer so why take chances.
There are lot of complications in transfer like the new employer has to take lot of botheration in contacting the PF office where prev. co. had its account.
Sarkari things irritate a lot.
Also until a new account is opened where will your PF go in the new company!!
so decide wisely.
From India, New Delhi
39I personally think PF withdrawl is better. One girl in my org left last year and joined another company in mumbai. Her PF transfer is still under process.
I think it takes equal time in withdrawl and transfer so why take chances.
There are lot of complications in transfer like the new employer has to take lot of botheration in contacting the PF office where prev. co. had its account.
Sarkari things irritate a lot.
Also until a new account is opened where will your PF go in the new company!!
so decide wisely.
From India, New Delhi
Dear Anuj,
Both the process takes it own time, whether its PF withdrawal or PF transfer you have to wait for two months for applying it and another 45 days for getting the amount in hand or transferring it to other company. If you are a person who really spends money if its in hand go for PF withdrawal or else if you want to save it for an emergency time go for PF transfer.
From India, Madras
Both the process takes it own time, whether its PF withdrawal or PF transfer you have to wait for two months for applying it and another 45 days for getting the amount in hand or transferring it to other company. If you are a person who really spends money if its in hand go for PF withdrawal or else if you want to save it for an emergency time go for PF transfer.
From India, Madras
Hi Anuj,
PF transfer is better than PF withdrawal for the following reasons :-
1. Your PF membership will be continuous i,e if you transfer ur PF balance from previous employer where you have worked for 2 years will be taken into consideration while calculating your total membership of PF.To be more explicit suppose you have worked for 15 years in 3 different companies and each time u changed companies got ur PF transferred to the new company which keeps your PF membership intact for 15 yrs. This will help u to get non refundable loans from PF if u want to avail of at any point of time. Remember there are various types of non refundable PF loans like house building/ marriage/ education/ medical etc which are available only after certain period of membership.
2. You earn tax free interest and your savings go up.
3. Your Pension eligibility does not get a break and ultimately helps you in the future.
From India, Calcutta
PF transfer is better than PF withdrawal for the following reasons :-
1. Your PF membership will be continuous i,e if you transfer ur PF balance from previous employer where you have worked for 2 years will be taken into consideration while calculating your total membership of PF.To be more explicit suppose you have worked for 15 years in 3 different companies and each time u changed companies got ur PF transferred to the new company which keeps your PF membership intact for 15 yrs. This will help u to get non refundable loans from PF if u want to avail of at any point of time. Remember there are various types of non refundable PF loans like house building/ marriage/ education/ medical etc which are available only after certain period of membership.
2. You earn tax free interest and your savings go up.
3. Your Pension eligibility does not get a break and ultimately helps you in the future.
From India, Calcutta
You can go for transfer
~If you think your employer is good in remittance and proper filing process
~If you have no immediate requirement for that money
~If you are patient if it does not get credited even after leaving the new company
~If you don't have proper self control of finance issues
You can go for withdrawal
~If you doubt your employer is not good in remittance and filing process
~If you have immediate requirement for that money
~If you are restless if it does not get transferred even after leaving the new company
~If you have proper self control of finance issues
If it is withdrawn, the money is safe with you in bank. Else you have to sort with PF office and previous employers. Think which is suitable to you. So far many a time this same issue was discussed, please refer to old post rather repeating.
Regards,
Chandru
From India, Madras
~If you think your employer is good in remittance and proper filing process
~If you have no immediate requirement for that money
~If you are patient if it does not get credited even after leaving the new company
~If you don't have proper self control of finance issues
You can go for withdrawal
~If you doubt your employer is not good in remittance and filing process
~If you have immediate requirement for that money
~If you are restless if it does not get transferred even after leaving the new company
~If you have proper self control of finance issues
If it is withdrawn, the money is safe with you in bank. Else you have to sort with PF office and previous employers. Think which is suitable to you. So far many a time this same issue was discussed, please refer to old post rather repeating.
Regards,
Chandru
From India, Madras
PF transfer since maintaining the PF account for 10 years will make you eligible for pensionscheme. But considering the delays in transferring the amount I would suggest the withdrawl since both take the same time, 2 months for applying and 45days minimum to get the amount. Atleast you can utilise this amount for your commitments.
.
From India, Madras
.
From India, Madras
Dear,
Both the PF transfer & withdrawal will take max time of 3 months, but if ur transferring the fund it might help in your retirement period also you can eligible for pension policy.
I her with attached an article from Hindustan Time about PF pendency
C:\Documents and Settings\27613580\Local Settings\Temp\notesBD7F17\PF claims pile up, timelines go haywire- Hindustan Times.mht
From India, Madras
Both the PF transfer & withdrawal will take max time of 3 months, but if ur transferring the fund it might help in your retirement period also you can eligible for pension policy.
I her with attached an article from Hindustan Time about PF pendency
C:\Documents and Settings\27613580\Local Settings\Temp\notesBD7F17\PF claims pile up, timelines go haywire- Hindustan Times.mht
From India, Madras
Hey,
I fully agree with Kalyan..Do not withdraw PF... even if it means little pain in follow-up etc etc.
Social Security is something we younger generation do not take seriously due to the Government poor ways of functioning, which are so important when we are old and no one to help.
Ukmitra
From Saudi Arabia, Riyadh
I fully agree with Kalyan..Do not withdraw PF... even if it means little pain in follow-up etc etc.
Social Security is something we younger generation do not take seriously due to the Government poor ways of functioning, which are so important when we are old and no one to help.
Ukmitra
From Saudi Arabia, Riyadh
In my opinion, withdrawal is better. After withdrawing your amount and you can buy gold, it will fetch you minimum of 15% return on investment, whereas in PF it will give only 9%, also getting money from PF will take time. But gold can be encashed at any time. Now you can see the gold rate, and it will touch minimum 2000 to 2500 per gram soon.
Or you can buy a land it will add value to you more than PF -9% return.
Regards
R.Palaniswamy
From India, Coimbatore
Or you can buy a land it will add value to you more than PF -9% return.
Regards
R.Palaniswamy
From India, Coimbatore
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HC All - Trainees not covered for PF -2010.pdf
PF Ledger.xls