Regarding p.f.

others 394 views 6 replies

Amit Mundra

ACCOUNT OFFICER

66 Points Joined December 2011

DEAR ALL,

HELP ME

IN PAST I WAS WORKING IN A PVT. COMPANY AS FINANCE MANAGER. WHICH P.F. WAS DEDUCTED IN MY SALARY AND SAME CONTRIBUTION DEPOSIT IN MY P.F. ACCOUNT BY MY PREVIOUS EMPLOYEER.

AT THAT TIME I AM WITHDRWAL P.F. AMOUNT FROM MY ACCOUNT BUT MY PREVIOUS EMPLOYEER DOES NOT SING ON P.F. WITHDRWAL FORM.

SO PLEASE HELP ME WHAT I DO ? AGAINST MY PREVIOUS EMPLOYEER.

Replies (6)

Ganeshbabu K

Audit and Tax Advisory

48564 Points Joined May 2012

INSTEAD OF WITH DRAWING YOUR PF ACCOUNT FROM PREVIOUS EMPLOYER,

YOU CAN DEMAND FOR TRANSFER OF YOU PROVIDEND FUND ACCOUNT TO NEW EMPLOYER,AND YOU CAN WITH DRAW FROM YOUR PRESENT EMPLOYER AS THERE IS NICE TERMS WITH UR PRESENT EMPLOYER,

How to Transfer Provident Fund Account?

As an employee if you have decided to change the company and move to new company you can either withdraw EPF or you can transfer you EPF to new company. Most of the times people tend to withdraw EPF amount and try to invest in other investments plan. However , if you like to transfer provident fund account to the other organization you should able to do it with out much hurdles.

Actually the transfer procedure of the Provident Fund is very simple. There is hardly any thing that the employee would have to do at his end to have the Provident Fund account transferred to some other employer or his or her new employer.

Ganeshbabu K

Audit and Tax Advisory

48564 Points Joined May 2012

What you have to Do ? How does PF ( Provident Fund ) transfer while job change ?

The person would have to intimate the current employer of his intentions to transfer the account and he would be given a form to fill up this is called Form 13. The employee fills the same up in all respect and deposits the same with the employee. Later the employer arranges to have it send to the Provident Fund office along with other deliverables for the month. One the Provident Fund office has received the form they match it with data from other organizations. From which they have received a request for the same Provident Fund account. Once that matches then the Provident Fund account is moved from under the umbrella of the old organization to the new one.

The Provident Fund account number for the employee remains the same and the new employer instead of opening a new Provident Fund account for the employee continues to deposit the funds to the account number provided by the employee as his existing Provident Fund account. Basically this is a quiet simple procedure but it takes three to four months to complete as there is a lot that the Provident Fund office has to do behind the scene.

Ganeshbabu K

Audit and Tax Advisory

48564 Points Joined May 2012

When should I start transferring PF to new employer?
The transferring process can be initiated after allocation of new PF account number.

How to identify PF No.?
PF is an alphanumeric number on your PF slip. The first two letters indicate the regional PF office, which is in charge of your account. The next five digits are the employer’s code, followed by the employee’s code.