Regarding the PF query (say one company is A and another company is B): One of the employees had resigned from company A and joined company B. After 6 months (4th July till 18th Dec07), the employee resigned from Company B and rejoined the earlier Company A. My questions are:
1. Did the employee receive a new PF number from Company B?
2. The employee has not applied for the transfer of PF nor withdrawn the PF with Company B. In this case, what is the solution?
3. Since the employee has not withdrawn the PF, can the same PF number be allotted to the employee from Company A?
4. If the employee plans to withdraw the PF from Company B, can the employee proceed further in this matter? As the PF contribution period is from 4th July 07 till 18th Dec, can it be considered as 6 months?
Please provide me with your valuable feedback.
From India, Pune
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11. Did the employee receive a new PF number from Company B?
2. The employee has not applied for the transfer of PF nor withdrawn the PF with Company B. In this case, what is the solution?
3. Since the employee has not withdrawn the PF, can the same PF number be allotted to the employee from Company A?
4. If the employee plans to withdraw the PF from Company B, can the employee proceed further in this matter? As the PF contribution period is from 4th July 07 till 18th Dec, can it be considered as 6 months?
Please provide me with your valuable feedback.
From India, Pune
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In this case, the employees will be given a 3rd PF account, and they'll have to transfer/withdraw money from both previous accounts to the 3rd one and discontinue the latter two accounts.
The Government of India's PF Department has introduced a better option with the PAN card. Now, employees will have a permanent PF account and a card, allowing them to withdraw a set limit of PF amount periodically. I believe this process is underway as our company submitted all the related employee details to the PF Department last year in June/July for this purpose. Companies like Hero Honda are already benefiting from this facility.
From United States, Santa Clara
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The Government of India's PF Department has introduced a better option with the PAN card. Now, employees will have a permanent PF account and a card, allowing them to withdraw a set limit of PF amount periodically. I believe this process is underway as our company submitted all the related employee details to the PF Department last year in June/July for this purpose. Companies like Hero Honda are already benefiting from this facility.
From United States, Santa Clara
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Dear Member,
Whenever a transfer or resignation takes place, the employee should choose to transfer their EPF account and obtain a service certificate for EPS claim. Every transfer and new joining should be reported to the EPF office. Whenever an employee receives a new employee account number, it is advisable to transfer all their old accumulations. If they opt for a withdrawal of the amount, they should link it to their new account number for contributions. Proper transfer forms (A-B-A companies) should be used. If the transaction is interrupted for any reason, the employee's EPS contributory service will be affected.
Murugavel B.
Chennai
From India, Madras
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Whenever a transfer or resignation takes place, the employee should choose to transfer their EPF account and obtain a service certificate for EPS claim. Every transfer and new joining should be reported to the EPF office. Whenever an employee receives a new employee account number, it is advisable to transfer all their old accumulations. If they opt for a withdrawal of the amount, they should link it to their new account number for contributions. Proper transfer forms (A-B-A companies) should be used. If the transaction is interrupted for any reason, the employee's EPS contributory service will be affected.
Murugavel B.
Chennai
From India, Madras
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Hello all,
I have a similar problem now. I've recently moved to company B about a month ago, and since my family is relocating to another city and company B has no operations in that city, I have no option but to leave. I've not yet given my company A's PF number here, so do you think it would be okay if I directly produce it to company C? Is that lawful? I heard that it takes at least 3-4 months for a new PF account to be activated in the new organization, so there's no point in me applying for an account with B when I know I'll be leaving it in less than a month's time. Are there any potential problems that I might encounter with company C later on? I'm really confused. Please advise.
Regards.
From India, Hyderabad
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I have a similar problem now. I've recently moved to company B about a month ago, and since my family is relocating to another city and company B has no operations in that city, I have no option but to leave. I've not yet given my company A's PF number here, so do you think it would be okay if I directly produce it to company C? Is that lawful? I heard that it takes at least 3-4 months for a new PF account to be activated in the new organization, so there's no point in me applying for an account with B when I know I'll be leaving it in less than a month's time. Are there any potential problems that I might encounter with company C later on? I'm really confused. Please advise.
Regards.
From India, Hyderabad
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Hi,
Any time you can transfer your PF accumulations. Since you haven't transferred the PF accumulation of A to B, you can directly transfer these accumulations to C upon joining. If you receive the salary in B, definitely PF numbers will be created and given to you. After that, you can also transfer the PF accumulations from B to C.
Thank you.
From India, Mumbai
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Any time you can transfer your PF accumulations. Since you haven't transferred the PF accumulation of A to B, you can directly transfer these accumulations to C upon joining. If you receive the salary in B, definitely PF numbers will be created and given to you. After that, you can also transfer the PF accumulations from B to C.
Thank you.
From India, Mumbai
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Dear Sir/Madam,
Following is my PF query:
1. Presently, we have an "X" Company.
2. We are creating a new company, Y.
3. My 5 employees have been transferred from X Company to Y Company effective from Sep '10.
4. In Sep '10, we are giving increments effective from July '10.
5. We are paying one employee Rs. 10,000 as basic salary along with Rs. 3000 as arrears for the months of July '10 and August '10.
We require answers for the following:
6. Which basic salary is mentioned for Y Company, Rs. 10,000 or Rs. 13,000?
7. If Rs. 10,000 is mentioned, can I pay Rs. 3000 to X Company?
Looking forward to your reply.
Shailesh Raut
From India, Mumbai
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Following is my PF query:
1. Presently, we have an "X" Company.
2. We are creating a new company, Y.
3. My 5 employees have been transferred from X Company to Y Company effective from Sep '10.
4. In Sep '10, we are giving increments effective from July '10.
5. We are paying one employee Rs. 10,000 as basic salary along with Rs. 3000 as arrears for the months of July '10 and August '10.
We require answers for the following:
6. Which basic salary is mentioned for Y Company, Rs. 10,000 or Rs. 13,000?
7. If Rs. 10,000 is mentioned, can I pay Rs. 3000 to X Company?
Looking forward to your reply.
Shailesh Raut
From India, Mumbai
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