I am in the process of withdrawing PF from my previous company. I filled out forms 19, 10C, and the "PF withdrawal trust form" and sent them to my previous employer. Now, the PF handler wants me to send them an affidavit stating that I have not been employed yet in any establishment to which the EPF & MP Act, 1952 applies. My current employer is an MNC, and I do not know if this is true for this company. I want to know if it is not legal to just withdraw the money from my previous company's PF account while currently working in an establishment to which the EPF & MP Act, 1952 applies. If so, is my only option to transfer the money to my new company's PF account?
From India, Bangalore
Acknowledge(0)
Amend(0)
From India, Bangalore
Acknowledge(0)Amend(0)
Dear Kiran Adoor,
Generally, a 2-month duration is required to withdraw from PF after being relieved from service. This 2-month period allows time to find another job. If you are unable to secure such a job, do not withdraw PF hastily as EPFO will provide interest for up to 3 years. This means that EPFO encourages transferring PF rather than withdrawing it.
Therefore, if you are contributing to PF in your current job, withdrawing PF is neither legally nor morally correct.
Best regards,
Abbas P. S
From India, Bangalore
Acknowledge(0)Amend(0)
530Generally, a 2-month duration is required to withdraw from PF after being relieved from service. This 2-month period allows time to find another job. If you are unable to secure such a job, do not withdraw PF hastily as EPFO will provide interest for up to 3 years. This means that EPFO encourages transferring PF rather than withdrawing it.
Therefore, if you are contributing to PF in your current job, withdrawing PF is neither legally nor morally correct.
Best regards,
Abbas P. S
From India, Bangalore
Acknowledge(0)Amend(0)
Thanks a lot for the response. My apologies for not mentioning the dates. Here it is. I was employed in the previous organization from August 2008 to November 2009. Ever since I left this company, I have been working in a new company where there is PF contribution. Five years are already over since I left my previous company. What I want to know is if it is legally mandatory to have the old company's PF transferred to the new one or if I have the provision to withdraw the amount for my personal use?
Thanks in advance.
From India, Bangalore
Acknowledge(0)Amend(0)
Thanks in advance.
From India, Bangalore
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Employee Provident Fund and MP Act, 1952.pdf
Provident Fund Act.ppt