EPF

POSTED BY Rajendran ON September 30, 2010 12:16 am COMMENTS (2)

Hi,

 I am working with a private firm for the last 6 years and I have decided in principle to move out of the organizaion. My question is: is it better to close the current PF account and take the money out or to continue with the same account with the new employer.

My current PF account was opened when I was in HYD but now I am going join a firm in Chennai.

Regards,

Raj

 

2 replies on this article “EPF”

  1. Anil says:
    September 30, 2010 at 2:06 pm

    When folks join companies across states, there seems to be delays in transferring EPF account from one organization to different a organization in a different state. I do not have practical knowledge but I’m aware that many in my organization encashed their EPF kitty while changing jobs across states as I’m told encashment takes upto 6 months (to get money back) where-as transfer requests take years.

    @Manish, I completely agree with your recomendations but just added what I’ve seen my peers doing, due to delays associated with transfer requests.

    Reply
  2. Manish Chauhan says:
    September 30, 2010 at 10:52 am

    Better continue it .. To be eligible for getting pension from EPF at your retirement, your PF should be minimum 10 yrs in force .. you if you open a new PF account , those 6 yrs would be lost , but the money wouldbe there with you . So better continue the PF with same account , dont open new

    Manish

    Reply

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