Transfer of pf account and time limit on withdrawal
This query is : Resolved
01 December 2011
When an employee changes his job does his PF account automatically gets transferred or he has to apply for it?
Also if there is a time lag say 7months during which his new employer is not going to pay him PF then is it necessary for the employee to withdraw amount from the PF account, or the previous account will still remain active and be transferred. Is there any time limit specified during which the amount in PF account should be withdrawn.
Also if there is a time lag say 7months during which his new employer is not going to pay him PF then is it necessary for the employee to withdraw amount from the PF account, or the previous account will still remain active and be transferred. Is there any time limit specified during which the amount in PF account should be withdrawn.
01 December 2011
You need to apply in Form 13 for the PF account transfer.
Any PF account will be in-operative, if there is a continuous 3 years of non-contribution.
For PF withdrawal, there is no time limit. However, after 3 years of non-contribution, your PF account will become in-operative & after that no interest will be earned or credited in your PF account. So ideally speaking, you should withdraw or transfer your PF within 3 years of leaving the job.
Any PF account will be in-operative, if there is a continuous 3 years of non-contribution.
For PF withdrawal, there is no time limit. However, after 3 years of non-contribution, your PF account will become in-operative & after that no interest will be earned or credited in your PF account. So ideally speaking, you should withdraw or transfer your PF within 3 years of leaving the job.
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