Confused About PF: Should I Transfer or Withdraw It After Joining a New Job?

Hi all, this is Rohan! I have recently joined a new organization, and I am in a dilemma about whether I should withdraw my PF amount or transfer it. I actually wanted to transfer it, but my consultant says it's a more complex process and there are a lot of difficulties involved. Is there any other alternative by which I can carry forward my PF without withdrawal? Please help...

Regards,
Rohan

Understanding the PF Transfer Process

Not to worry about the complex process. These processes are complex only for those who don't know about them. Bring a form from the previous employer.

Form 13 is used for transferring an employee's PF account from one company to another. Both the employer and employee have to specify their name, PF account number, position, etc., and submit it with a covering letter (a consolidated list of employees). A photocopy of the above is kept in the PF file for transfer.

That's all.

Regards,
Devesh Sharma

It is not that difficult a process; I think your consultant may not be aware of PF transfer. You just need to give Form No. 13 to your current employer. After completion of the necessary formalities, your employer would forward it to the PF office. After that, the PF department will send a letter to your previous employer regarding your Form 3A, Form 5, Form 10, and a certificate of continuous service on the company's letterhead, etc. Once they receive the same from your previous employer, they will start the process to transfer your PF accumulations to your current PF account.

As per your concern, you only need to submit Form 13, which can be downloaded from the EPFO website.

PF Transfer Process Simplified

It is not that difficult a process; I think your consultant may not be aware of the PF transfer. You just need to give Form No. 13 to your current employer. After completing the necessary formalities, your employer will forward the same to the PF office. After that, the PF department will send a letter to your previous employer regarding your Form 3A, Form 5, Form 10, and a certificate of continuous service on a letterhead, etc. Upon receiving the same from your previous employer, they will begin the process to transfer your PF accumulations to your current PF account.

As per your concern, you just need to submit Form 13, which can be downloaded from the EPFO website.

Wishing you all the best.

I fully agree with Devesh and Telekapalli. It is always advisable to transfer PF rather than withdrawing. If your PF account remains continuous despite the fact you change employers, the real benefit one gets is with regards to Pension. Hence, please do as recommended by Devesh and Telekapalli.

It's our money, hence we have to have a strong follow-up to ensure that the PF accumulation gets transferred from one employer to another when we switch jobs.

Regards

I have been conducting a serious study on the subject.

PF Withdrawal vs. PF Transfer

PF withdrawal is definitely simpler than PF transfer, but again, one must have a complete understanding of the entire process and benefits. PF transfer is the best option if one would like to take full advantage of the pension. This is best suited for those who are not changing their company frequently. We can avail of the pension (EPF) only if there is continuous service of 10 years, which means that even if you are changing companies, you should get your PF transferred to the next company without any significant gaps.

Thank you for your reply!

I would also like to know, can I continue with my previous PF account rather than opening a new one? If it is possible, please let me know how.

Hi Rohan, your PF account number will keep changing with different companies. However, your funds can be easily transferred to the new company. Since it is hard-earned money, every individual must take the initiative and responsibility to understand the transfer/withdrawal process. It is not difficult to grasp the same.

If your transfer/withdrawal is in progress, you can lodge a grievance on the http://epfigms.gov.in portal and check the status. I have personally lodged a grievance and successfully transferred my EPF from Gurgaon to Delhi through emails.

Regards,
Bhavana