Since 1/4/2004, in my present job, I have been contributing 50%, and for the last 2 years, 100% (of Rs.6,500) per month to the Provident Fund Scheme, and the employer has been contributing Rs.780 per month. The latest balance in my account is about Rs.3.5 lakhs from employees' contributions and Rs.58,000 from the employer's contributions.
I will be resigning from this company and shall take up the next job after a gap of 2 months.
Hence, I have the possibility of withdrawing both employees' and employer's contributions after 2 months. If I do not withdraw, in another year (after completion of about 10 years), a significant part of the accumulations in my account will go into the Pension Scheme, where the returns are very low.
I am 51 years old, unmarried, with an 82-year-old mother, but do not require funds for any emergency presently.
Dear Sirs, kindly offer your valuable guidance on whether, in my case, I should withdraw the provident fund accumulations or transfer the balance amount to the Provident Fund account in my new job, even if it means opting for the Pension Scheme. I am unable to make up my mind.
I will be resigning from this company and shall take up the next job after a gap of 2 months.
Hence, I have the possibility of withdrawing both employees' and employer's contributions after 2 months. If I do not withdraw, in another year (after completion of about 10 years), a significant part of the accumulations in my account will go into the Pension Scheme, where the returns are very low.
I am 51 years old, unmarried, with an 82-year-old mother, but do not require funds for any emergency presently.
Dear Sirs, kindly offer your valuable guidance on whether, in my case, I should withdraw the provident fund accumulations or transfer the balance amount to the Provident Fund account in my new job, even if it means opting for the Pension Scheme. I am unable to make up my mind.