Navigating PF Dilemma: Should I Withdraw or Transfer My Account After Job Change?

Dear all,

After working for 3 years in an Indian MNC, I am going to join an international organization. Recently, the first company was purchased by another group. So, what is better - to withdraw the PF (provide all procedure details) or to transfer my old PF account to the new organization (provide all procedure details)? It would be very helpful if someone could guide me.

Normal practice is that once you leave a company, you have two options: either withdraw or transfer your PF. As far as I am concerned, if you join an international organization, it's better to withdraw your PF. In the future, if you join an Indian MNC again, you can create a new account.

Thanks,
Aparna

Dear Friend,

Do you need the money from your PF? If not, then it is better to opt for a transfer. Even if the company is international, as long as they maintain their PF account in India, it is advisable to transfer the money rather than withdrawing it. Having money in hand or in the account always tempts one to spend.

Regards,
BHAVAN

In my opinion, you should withdraw your PF and invest it somewhere else. For withdrawing the PF, you need to fill out two forms, i.e., Form 10 and 19-C (attached), and submit them to your previous employer or directly to the PF department.

Regards,
Jyoti

If you don't need the money, then don't withdraw; go for the transfer. As per my knowledge, your 12% PF contribution goes to 3.67% EPF account and 8.33% to the pension account, but your employer's 12% goes to the EPF account. If you withdraw the PF now, you'll lose that 8.33% of your contribution. The full amount can be withdrawn only after retirement or in the event of death.