Go Back   Wiki NewForum | Latest Entertainment News > Career Forum & Tips

TOP 10 Goods & Bads - Employees’ Provident Fund (EPF) Transfer

Views: 643  
Thread Tools Rating: Thread Rating: 3 votes, 4.00 average. Display Modes
Old 04-15-2021, 09:32 AM
welcomewiki welcomewiki is offline
Join Date: Dec 2008
Location: India
Posts: 83,878
Default TOP 10 Goods & Bads - Employees’ Provident Fund (EPF) Transfer

What Happens When You Don't Transfer EPF Account After Leaving Job?

New Delhi: Employees’ Provident Fund (EPF) or popularly known as PF is an essential fund which provides financial solidity and assurance post retirement. However, there are a few rules that you should remember to avail the optimum benefits from your EPF account. So, you need to be careful while leaving the job and if you are retiring before 58 years. Often it has been witnessed that, employees forget to transfer their EPF account after switching jobs. Several employees also feel that the EPF balance will get tax-free interest while leaving the job before the age of 58. Also Read - EPFO Likely to Cut Interest Rates in FY21, Final Decision on March 4 | Key PointsFirst of all, salaried class must remember a few things so that their EPF accounts remain operative. Employees’ Provident Fund Organisation (EPFO), the nodal body for EPF account, has laid down a few situations in which a PF account can become inoperative. These are Also Read - Good News: Private Sector Employees Soon to Get 8.5% Interest on Their Provident Fund Savings
  • If a salaried employee retires from service after 55 years and he or she does not withdraw the money from the account three years after the retirement.
  • If the EPF account holder migrates abroad permanently.
  • If the EPF account holder passes away.
  • If an EPF account holder does not make any claim for settlement of the account or does not apply for withdrawal within 36 months of quitting the job.
Will Your EPF account earn interest even after leaving job?

    • Employees often have a question “Will my EPF account earn interest after leaving job?” According to the existing rules, your EPF account is eligible to receive interest even after leaving the employment. In case, there is no fresh contribution, the rule remains the same. However, the benefit only can be availed till the age of 58 years.
    • It must be noted that accumulated balance up to the age of 58 years or end of employment is not taxed. However, if your EPF account receives any interest aftermath of resigning or end of employment or retirement, then that interest amount during that period becomes taxable.
    • According to the Income Tax rules, interest on your EPF account becomes taxable if you withdraw any amount before completion of five years “continuous service”. If an employee works at multiple organisations in the initial five years, then service rendered to those organisations will be considered as ‘continuous’ if you transfer the EPF account to the next organisation.
Three Things You Should Remember

  • If you want to avail full benefits, you must transfer your EPF account to the next organisation immediately after changing the job.
  • If you have multiple PF accounts then you must ensure that those accounts are linked to a single UAN number.
  • If you are taking early retirement before the age of 58 years, you must withdraw the PF amount within 36 months of retiring.

Reply With Quote

Can employer share be withdrawn from PF, Can I take out my EPF money, Can I use different bank account for PF withdrawal, Can I withdraw 100% pf amount, Can I withdraw my PF after 3 years of leaving company, Can I withdraw my PF without resigning, Can I withdraw my previous company PF after joining some other company, Can I withdraw PF before 5 years, Can keep savings in EPF up to 100 years, Can my new employer see my old PF account, Can we continue PF after 58 years, Can we have 2 PF accounts, Can we keep money in PF account after resignation, Do we get double PF after leaving job, How can I hide my previous employer details in UAN, How can I merge two EPF accounts, How can I transfer my old PF account to another account, How can I transfer my PF from exempted trust, How can I withdraw my old PF account, How do I get my pension after 58 years, How do I transfer PF from old employer to new employer, How is PF amount calculated after retirement, How is PF calculated after resignation, How long can you keep your money in EPF account after leaving your job, How many days it will take to merge two PF accounts, How much PF can I withdraw for home loans, How much PF we can withdraw without leaving job, How much tax do I pay on provident fund withdrawal, Is EPF tax free, Is Form 13 mandatory for PF transfer, Is it good to withdraw PF, Is it mandatory to transfer PF account, Is it necessary to merge two PF accounts, Is PF taxable after resignation, On which amount pf is calculated, tips, What happens if I have 2 PF accounts, What happens if PF account is not transferred, What happens to PF account after changing job, What is the retirement age in Epfo, What is the salary limit for EPF, When can I withdraw my pension

Latest News in Career Forum & Tips

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2021, vBulletin Solutions, Inc.