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Industrial Labour Laws In Kerala
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Currently I am serving the notice period. Please tell which is more suitable for me to transfer my PF account (from Pune based company to bangalore based company) or withdraw the PF account.
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All I am hearing is when we transfer the account from one state to another then it will take a long process. Although written is 60+45 days but guyz are there which didnt receive PF after years also.
Please tell what is the amount of time required to withdraw the PF accoutn and opne the new at new company.
Better u withdraw the PF, two years PF value is not much and no interest rate and pension crieteria is also not so much profitable to us. its my opinion.
Transferring your accumulated PF contributions from Pune to Bangalore will involve lot of time and we do not know exactly when transer will be effected. It is better to withdraw the amount from Pune.
Hi,PF contributions is not taxable if you have put in 2 years of service.Regards,Gangadhar
Keep the following as base & decide:
1. The contribution that you made during the last 2 yrs, if it is on the higher side, better don't transfer.
2. If you are willing to avail pension in future, here the contribution you made sofar doesn't play any more but the services happens to be so important because once you withdraw you can't retain it back.
R.Rathina Kumar
As per My opinion, u should withdraw ur PF. Bcz if u will transfer of ur pf from one state to another, its very legthy and time consuming process. Br, Rohit Rana Andheri, Mumbai.
Hi! Kunal,
The option lies with you you can withdraw the amount and the application can be done to the PF office after 60 days by filling FORM 19 (for PF Amount) and FORM 10C (for Pension Fund).Please follow up with your employer so that it is submitted at the PF office on time.The amount will be transferred to the Bank Account mentioned by you in the forms within a month from the date of receipt by the PF office.OR if you do not require the money now you can opt for transfer.
For the transfer of PF account you can fill FORM 13 which will be endorsed by the company that you are leaving and your new employer who will submit the form in the local PF office.
The PF amount fetches you an interest rate of 8.5% p.a.In my view it is advisable to get the amount transferred.
In my view, you should withdraw your PF and further, if you want to save it for future, then you can make a F.D. of the same.
It is better that you go for tranasfer of PF accumulations to avail the EPS Pension benifits.
Further, with proper follow up, no problem for getting the transfer of PF, even if its interstate
PF money grows easily without doing any exercise and its tax free too
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