My name is Estakee Baretto, and I am from Pune. I have a bit of a confusing query for you, and I hope you will have an answer for it. I am working in an international BPO in Pune. Nine years ago (2004), I was employed by ABC company, and after five years, this company merged into another company called XYZ. In ABC, I had a PF account from the Pune circle. Now in XYZ, I also have a PF account from the Thane circle. The account from ABC was not transferred to the XYZ account, nor was it closed. Now, the problem is that as per the new gazette, we will not be receiving the interest for the dormant period on the ABC account.
When queried, the HR says that they are in the process of transferring the old PF into the new, which I think is not real. They also say that we cannot encash the account as our employment is not terminated.
Can you please shed some light on this issue and help me understand whether we will be getting our interest for the dormant period? We are sure we are going to receive our principal amount from the ABC account. The only problem is with the interest.
Your answer will be highly appreciated.
From India, Pune
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When queried, the HR says that they are in the process of transferring the old PF into the new, which I think is not real. They also say that we cannot encash the account as our employment is not terminated.
Can you please shed some light on this issue and help me understand whether we will be getting our interest for the dormant period? We are sure we are going to receive our principal amount from the ABC account. The only problem is with the interest.
Your answer will be highly appreciated.
From India, Pune
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Did you clear your notice period in the previous company? If so, then you should claim it. If not, please first obtain clearance from your previous company and inquire with the PF department. Please note that after two years of PF breaking, no interest will be incurred.
Regards,
Uday
From India, Faridabad
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19Regards,
Uday
From India, Faridabad
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I don't know about the principal amount and interest. However, since ABC has merged with XYZ, there can be two options:
1. They are really transferring accounts from ABC to XYZ.
2. Since the name has changed, your HR can help you fill out the PF form for the ABC company, and you can proceed with it.
However, it really depends on the company as well, how they are handling it. Hope this helps.
Regards,
Monica
From India, Pune
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1. They are really transferring accounts from ABC to XYZ.
2. Since the name has changed, your HR can help you fill out the PF form for the ABC company, and you can proceed with it.
However, it really depends on the company as well, how they are handling it. Hope this helps.
Regards,
Monica
From India, Pune
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Transfer Process for PF Accounts
There is a transfer form available with the PF department. After obtaining it from the PF department, fill it out, if necessary, with the help of your local HR person. Once it is signed by the authorized signatory (PF) of your current organization, along with the organization stamp, submit it to the PF department. Your problem will be solved.
Regards,
Srinivas
From India, Hyderabad
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There is a transfer form available with the PF department. After obtaining it from the PF department, fill it out, if necessary, with the help of your local HR person. Once it is signed by the authorized signatory (PF) of your current organization, along with the organization stamp, submit it to the PF department. Your problem will be solved.
Regards,
Srinivas
From India, Hyderabad
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PF INTEREST CALCULATION SHEET.xls