Hi,
I am working in IT company(Private company) from around 5 years. I have worked in company for 4 years and then switched to present company. In the new company they opened a new PF account.
I would like to know is it better to transfer the PF or withdraw that amount.
Is there any difference between these two apart from as we get bulk amount at retirement stage. Is it the only difference or is there any other benefits. I feel if it is the only difference I can withdraw that amount use for purchasing plot/flat.
And I think in the IT companies we are having provident fund not the pension fund. At the time of retirement stage can we convert this provident fund to pension fund..
Please let me know.
Thanks,
Adithya
From India
I am working in IT company(Private company) from around 5 years. I have worked in company for 4 years and then switched to present company. In the new company they opened a new PF account.
I would like to know is it better to transfer the PF or withdraw that amount.
Is there any difference between these two apart from as we get bulk amount at retirement stage. Is it the only difference or is there any other benefits. I feel if it is the only difference I can withdraw that amount use for purchasing plot/flat.
And I think in the IT companies we are having provident fund not the pension fund. At the time of retirement stage can we convert this provident fund to pension fund..
Please let me know.
Thanks,
Adithya
From India
Dear Friend
The PF scheme includes Family pension fund and also Employees deposit linked insurance scheme. so if you enrolled your name in pf automatecally FPF and EDLI will also applicable for you. But contribution was partly diverted from PF to EPF. Hence you can claim the PF amount and ask to give scheme certificate for FPF. so that you can get full pension benefit at the time of retirement
regards
Alphonse
From India, Madras
161The PF scheme includes Family pension fund and also Employees deposit linked insurance scheme. so if you enrolled your name in pf automatecally FPF and EDLI will also applicable for you. But contribution was partly diverted from PF to EPF. Hence you can claim the PF amount and ask to give scheme certificate for FPF. so that you can get full pension benefit at the time of retirement
regards
Alphonse
From India, Madras
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PF Online Transfer.pdf
Steps to transfer PF amount.jpg