I would like to know the PF transfer procedures. One of my employees joined us in August 2013, and he is now requesting a PF merger. He had made the same request to our previous HR team but did not share his PF number from the previous company. Currently, his PF contributions in this company are being deposited into a new account. Is it possible to transfer the PF in this scenario?
From India, New Delhi
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4From India, New Delhi
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It is possible to merge PF a/c current one with older one. U need to fill form 13 and submit to PF Office.
From India, Mumbai
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From India, Mumbai
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First, you must clarify whether your friend has obtained a new UAN number for the replacement of his old PF number. It would be better if you could check on this. If the person in question is registered with EPFO online, they can directly apply for the transfer by filling out Form 13. If not, you can inquire about the PF number by visiting the local PF office.
Alternatively, if your friend would like to withdraw the PF amount, they can receive the sum along with interest according to Table D withdrawal values, based on the number of years of employee contributions. For example, if an employee has INR 50,000 in their PF account for 2 years, they may receive an interest rate of 2.05% as per the PF Act. Note that Table D is applicable for up to 9 years only, after which the individual becomes eligible for a pension plan. It is not advisable to withdraw the amount as it is also considered a punishable offense.
Thanks & Regards,
Manohar
HR
From India
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Alternatively, if your friend would like to withdraw the PF amount, they can receive the sum along with interest according to Table D withdrawal values, based on the number of years of employee contributions. For example, if an employee has INR 50,000 in their PF account for 2 years, they may receive an interest rate of 2.05% as per the PF Act. Note that Table D is applicable for up to 9 years only, after which the individual becomes eligible for a pension plan. It is not advisable to withdraw the amount as it is also considered a punishable offense.
Thanks & Regards,
Manohar
HR
From India
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Steps to transfer PF amount.jpg
13revised (PF TRANSFER).pdf