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:

    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.

  2. 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

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