HI,
My current employer doesn't deduct PF. But I have a PF account with my earlier employer. I do not want to withdraw the accumalated PF from my previous PF account. How long can I keep this account in an inactive state (By inactive state I mean neither I wish to withdraw nor I wish to transfer, unless I join an organistaion where they again start deducting my PF) . Will any penalty be imposed or is there any maximum time limit for which I can keep the account inactive.
From India, Bangalore
My current employer doesn't deduct PF. But I have a PF account with my earlier employer. I do not want to withdraw the accumalated PF from my previous PF account. How long can I keep this account in an inactive state (By inactive state I mean neither I wish to withdraw nor I wish to transfer, unless I join an organistaion where they again start deducting my PF) . Will any penalty be imposed or is there any maximum time limit for which I can keep the account inactive.
From India, Bangalore
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
+5 Others
Hi Anil, Account will be active till the time you either withdraw the amount or transfer the amount in your new companies account. Regards, Harshad
From India, Mumbai
25From India, Mumbai
Hi, PF accumulated amount will be increased with interest as long as you kept with EPFO. Brgds/ SKD
From India, New Delhi
From India, New Delhi
First. Why you do not want to get your amount? its your money dear.
Well PF Account, means savings account facilities to an EMPLOYEE provided by the EMPLOYER under State GovtEPF rule. The Employees' Provident Fund and Miscellaneous Provisions Act 1952 applies to the whole India except Jammu & Kashmir.
An employee is eligible for membership from the day he joins the covered establishment and Employer constraint to deduct a certain amount (If the employee’s emoluments exceed Rs. 6,500/- per month, he has the option to join the Scheme(s) with the consent of employer) from the salary/emoluments and put it into the Employee's EPF account.
Rate of contribution payable by a member/employee shall be @ 12% of his emoluments.
After resigned/ leaving the organization, EMPLOYEE can withdraw his/her money/deducted amount (After 3 months of your last working day with employer) anytime or can transfer this with the new employer. Otherwise EPF account will be closed automatically for an Employee. It means no further amount shall be submitted by Employer into employees EPF account w.e.f. the very first day after resignation /leaving the organization from the EMPLOYEE.
Employee cannot open an EPF account directly nor close by him/herself and there is no kind of penalty or anything.
You do not need to do anything with this and MONEY DOES MATTER FOR EVERYONE....
From India, Gurgaon
Well PF Account, means savings account facilities to an EMPLOYEE provided by the EMPLOYER under State GovtEPF rule. The Employees' Provident Fund and Miscellaneous Provisions Act 1952 applies to the whole India except Jammu & Kashmir.
An employee is eligible for membership from the day he joins the covered establishment and Employer constraint to deduct a certain amount (If the employee’s emoluments exceed Rs. 6,500/- per month, he has the option to join the Scheme(s) with the consent of employer) from the salary/emoluments and put it into the Employee's EPF account.
Rate of contribution payable by a member/employee shall be @ 12% of his emoluments.
After resigned/ leaving the organization, EMPLOYEE can withdraw his/her money/deducted amount (After 3 months of your last working day with employer) anytime or can transfer this with the new employer. Otherwise EPF account will be closed automatically for an Employee. It means no further amount shall be submitted by Employer into employees EPF account w.e.f. the very first day after resignation /leaving the organization from the EMPLOYEE.
Employee cannot open an EPF account directly nor close by him/herself and there is no kind of penalty or anything.
You do not need to do anything with this and MONEY DOES MATTER FOR EVERYONE....
From India, Gurgaon
Thnx Anil for the information...
But, does it mean we can withdraw our money anytime after leaving the employer?
I left a company when I was in Chennai some 12yrs. back. can I get my now without seal and signature from my that employer. I have the pf number, the salary slip and my tenure details...? Our head office was in Bangalore and now I am in Delhi... I also have the organization code that I searched online after reading this post...
From India, Delhi
But, does it mean we can withdraw our money anytime after leaving the employer?
I left a company when I was in Chennai some 12yrs. back. can I get my now without seal and signature from my that employer. I have the pf number, the salary slip and my tenure details...? Our head office was in Bangalore and now I am in Delhi... I also have the organization code that I searched online after reading this post...
From India, Delhi
Dear Mr. Anil,
very well explined,
but,
its 2 months after resignation of employment from the pevious employer v can withdraw the amount as u have mentioned 3 months. ie. after 2 months v can approach to epf office with related doc.
Plz clearify..
regards,
Ramnath
From India, Bangalore
very well explined,
but,
its 2 months after resignation of employment from the pevious employer v can withdraw the amount as u have mentioned 3 months. ie. after 2 months v can approach to epf office with related doc.
Plz clearify..
regards,
Ramnath
From India, Bangalore
hi Anil,
Please throw some light what to do with the following case
One employee had worked twice in a company for two different tenures (2005-06 & 2008-09) with two different pf a/c numbers under the same company code. Now he wants to transfer accumulation of both the period to the a/c no with his new employer.
Is it possible, what should be the procedure?
Thanks & regards,
Mandira.
From India, Chandigarh
Please throw some light what to do with the following case
One employee had worked twice in a company for two different tenures (2005-06 & 2008-09) with two different pf a/c numbers under the same company code. Now he wants to transfer accumulation of both the period to the a/c no with his new employer.
Is it possible, what should be the procedure?
Thanks & regards,
Mandira.
From India, Chandigarh
Dear Mandira,
as the tenure is different, there will not be any problem. only thing he should do is form no 13 has submit for the smae in details of previous employer address and PF account number. since he has two acount number, the same has to submit in two forms....., for this curunt employer has certify.....
as the tenure is different, there will not be any problem. only thing he should do is form no 13 has submit for the smae in details of previous employer address and PF account number. since he has two acount number, the same has to submit in two forms....., for this curunt employer has certify.....
Hai,
Re: Mandira's query
Another simpler method used in cases of two numbers being alloted is that we write a letter to the PF authorities stating the matte and requesting continuance of earlier account number and transfer of new account accumulations to old account.
Re:Amresh Mishra's query
You can apply now after 12 years gap too. But it would be better if you get your employer to attest your form and submit.
Secondly in some regions the department asks the reason for not collecting money for so long a period. If asked you may have to give a clarification letter as to why you did not withdraw /transfer the money lying in your account so long.
This is to cross check the bonafide of the applicant.
take care.
regards
From India, Bangalore
Re: Mandira's query
Another simpler method used in cases of two numbers being alloted is that we write a letter to the PF authorities stating the matte and requesting continuance of earlier account number and transfer of new account accumulations to old account.
Re:Amresh Mishra's query
You can apply now after 12 years gap too. But it would be better if you get your employer to attest your form and submit.
Secondly in some regions the department asks the reason for not collecting money for so long a period. If asked you may have to give a clarification letter as to why you did not withdraw /transfer the money lying in your account so long.
This is to cross check the bonafide of the applicant.
take care.
regards
From India, Bangalore
Dear All,
I gone through the questions & their answers and I find sometime the Concern Expert does not go through in the matter. In above case he have taken two numbers in one Organisation. First of all while new joinee we feel up form No. 11 stating that he/she is not a member of P.F. & if he is a member he has withdrawn the money, & it has always signed by the employee & employer. How can you go beyond this. You can transfer only one account in one time. My suggestion is this transfer the amount in which maximum amount is. Then after a gap of 6 & 10 month when transfer amount comes in your account then fill up another form 13.
Regards,
SHISH UNIYAL
PAYROLL & LABOUR LAW CONSULTANT
09811681660
From India, New Delhi
I gone through the questions & their answers and I find sometime the Concern Expert does not go through in the matter. In above case he have taken two numbers in one Organisation. First of all while new joinee we feel up form No. 11 stating that he/she is not a member of P.F. & if he is a member he has withdrawn the money, & it has always signed by the employee & employer. How can you go beyond this. You can transfer only one account in one time. My suggestion is this transfer the amount in which maximum amount is. Then after a gap of 6 & 10 month when transfer amount comes in your account then fill up another form 13.
Regards,
SHISH UNIYAL
PAYROLL & LABOUR LAW CONSULTANT
09811681660
From India, New Delhi
PF - JT BK ACCOUNT ACCEPTABLE.pdf