Hello, I am working in an IT firm. They are closing that company and moving all the employees to a new fresh company. They are asking employees to resign and join the new company. I am concerned about how this will impact our careers and what documents we should ask them to provide.
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If you are moving to another company after submitting your resignation, as advised by your employer, then you will lose your service continuity. Please request a continuity of service letter from your employer, which will be beneficial for you at the time of exit when applying for Gratuity (provided you have completed a service period of 4.8 years or more across both companies). Otherwise, your employer may reject your Gratuity application citing insufficient service.
If you are going to fall under a new PF number scheme based on your years of service, you may lose pension eligibility. Upon completing 9.6 years of service, you become eligible for a Pension that will be paid out after you turn 58. Therefore, even if your employer assigns a new PF number, request a transfer from the old PF number to the new PF number.
Thank you.
From India, Madras
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1016If you are going to fall under a new PF number scheme based on your years of service, you may lose pension eligibility. Upon completing 9.6 years of service, you become eligible for a Pension that will be paid out after you turn 58. Therefore, even if your employer assigns a new PF number, request a transfer from the old PF number to the new PF number.
Thank you.
From India, Madras
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Workplace environment & its impact on employee performance.pdf