Should I Withdraw or Continue My Provident Fund After Changing Jobs? Seeking Advice!

Hello all,

I have recently changed my job. Could you please suggest whether I should withdraw my PF contribution or continue the same?

Thanks
Regards,
Anand Sancheti

Hi,

You can withdraw the PF amount by filling Form 10C & Form 19; it is for PF amount withdrawal. But if you want to transfer or continue the same PF account, then you need to fill Form 13 and submit it to your last organization. If you are thinking of withdrawing the PF amount, then fill Form 10C & Form 19 only after completion of 2 months from the date of your resignation. Hope it clears your ambiguity.

Regards,
Pooja

Dear Anand,

If you have worked for more than 6 months, you can withdraw your amount, so you can get both the EPF and EPS contributions. But if you have worked for less than 6 months, we can withdraw only EPF contributions (i.e., 15.67% only) by submitting only Form-19.

In the former case, withdraw and invest the amount in a private bank, since the interest rates in PF are reduced when compared to private banks.

Regards, Suresh Ramalingam Consultant - Compliance

Hi Suresh,

Could you please advise on the contribution of PF in either case, out of 12%? I am not very clear regarding the contribution. Also, if one has not completed six months and withdraws the PF amount, how much are they eligible to get from their contribution?

Thanks,
Pooja

Hi Pooja,

Out of the 12% PF contribution, 3.67% goes to the Provident Fund and 8.33% to the Pension Fund.

Regards,
Deepa