Confused About EPF Transfer and Future Steps? Seeking Advice on What to Do Next

Hi, I need some guidance on EPF and would appreciate your help.

In 2007, we had submitted to the EPF dept for the transfer of my EPF account from the earlier employer to my current employer. However, there is no trace of whether the transfer has been effected or not. How do I check it?

Also, I am leaving my current job to move to a place where there is no PF system. What do you suggest I do - (1) consolidate all my EPF and leave it under one employer, or (2) leave it as it is?

Any help shall be greatly appreciated.

Regards,
Pankaj

Dear Pankaj,

If you go to the concerned EPF office and provide your current EPF number, they will inform you whether the transfer has been processed or not. If not, check with the initial number and submit a new Form 13.

Regarding your job change, please inform me of the number of years you have served to avail EPF benefits. If it exceeds 10 years, you qualify for a pension. However, if it is less than 10 years, consider that as you transition to an organization without EPF. In the future, you may move to another organization with EPF. In this scenario, if you decide to close it, you must contribute to EPF for another 10 years to secure a pension. The decision is yours to make.

Thanks and regards,
Sindhu
Email: snrktm@yahoo.com

Thank you so much, Mr. Sindhu, for your help. I have actually had 3.5 years of EPF benefit, so 10 years may be very far away. But I have two questions: (1) in case I draw the amount, will this be taxed in my hands? and (2) if I keep the account open, how easy or difficult would it be to access/withdraw from this account say a few years later?

Thanks once again and sorry for the bother.

Regards,
Pankaj

Dear Mr. Pankaj,

There is no time limit for you to keep the account active. You can close it whenever you want. The employer will delete your name from their records by providing Form 10. If you are leaving the company on good terms with the employer, it is advisable to ensure they will sign the form when you submit it. Otherwise, it's better to retrieve it now. Fill out all the necessary forms, obtain the employer's signature, and submit them after 60 days from your last day at work. The submission part should be handled by the employer.

As far as I am aware, there is no tax implication. The amount will be directly deposited into your bank account. You need to provide your bank account number, bank name, and address in the form.

I hope this clarifies the process for you.

Thanks and regards,

Sindhu
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