Ankita1001
Sr. Hr Executive @ Polymerupdate
Syed.active@gmail.com
Hospitality Industry
+2 Others

Dear sir,
were i am working there are three companies were in that one company has closed and know i have to transfer all employees into new company, including esi pf pt, so can any one suggest me what is the process for it. and also in previous company the management has deducted only pf from employees and company has contributed the epf, but the management dint pay the esic from past 5 years know when i entered into xyz company how to pay the esic from past 5 years in a simple way
Cite.Co is a repository of information created by your industry peers and experienced seniors made possible with help from our prime sponsors like:

TALENTEDGE Who provide a platform for "interactive anywhere learning". Courses from top reputed institutes like IIM, XLRI, MICA. View Courses

FACTOHR - Provides Customised Payroll, GPS Enabled Attendance, Travel, Performance Management, HRMS that can help streamline your organisation. Explore Features

Register Here and help by adding your inputs. Contributions From Other Members Follow Below...
Hi, Inform employees to fill up the joining formalities as new employees and generate new emp codes accordingly and transfer the old PF account to new company. Regards Deepak
In addition to this, there are other things as well to be taken care of like Gratuity.
Now since all the three companies are sister companies and as one of them has shut down and you all are transferring your employees from the closed firm to another firm, there should be gratuity angle considered. You must be having employees who might have served more than 5 years or are about to finish the said continuous tenure.
Acquisitions and Mergers are not just the handling issues for finances and employees, but HR have to be on their toes to see to it that employees are not hampered.
The PFs should be transferred as it would have and change of company's name would not have an impact on it.
You will have to issue new appointment letters to the employees in the new company's name. However do mention on the new appointment letter that the prior experience with their ex-company named [the shut down company's name] would be considered for gratuity purpose.
Waiting for seniors to guide better.
In pf department you can make an application to merge the funds of both the company as a proff you are required to attach high court order for merger/acquisiation, if you do not have that than MoU or business transfer agreement executed between two companies can be attached.
for ESIC it will be better to open a new account as pending contribution may creat hurdle for you.
as far as gratuity is concern you have to place a request to merge gratuity fund for both the companies.
vinay
Options given above are good n enough but it is depend on your management which option they are going to choose
Add Reply Start A New Discussion






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™