Hi All, One of our employees obtained a Pension Certificate during his first employment in Karnataka. Now, he has contributed to the Family Pension Fund for 9.5 years in our firm. As he came to know that no one can avail double benefits under the pension scheme, he wants to withdraw his provident fund amount with a service break. Now, he is insisting on taking a break. Our management does not want to take any risks because he is a key person for our production team.
Queries Regarding Pension Fund Management
Please suggest for the following queries:
1. Is there any way to transfer his family pension fund?
2. May we club the employer's contribution for the family pension fund (8.33%) to his own account (12% + 12% = 24%) onwards now?
3. Should we inform the PF authority about these changes with the submission of his pension certificate?
4. Are there any legal aspects that could affect the company?
Regards, Rajesh
Queries Regarding Pension Fund Management
Please suggest for the following queries:
1. Is there any way to transfer his family pension fund?
2. May we club the employer's contribution for the family pension fund (8.33%) to his own account (12% + 12% = 24%) onwards now?
3. Should we inform the PF authority about these changes with the submission of his pension certificate?
4. Are there any legal aspects that could affect the company?
Regards, Rajesh