Dear sir,
were i am working there are three companies were in that one company has closed and know i have to transfer all employees into new company, including esi pf pt, so can any one suggest me what is the process for it. and also in previous company the management has deducted only pf from employees and company has contributed the epf, but the management dint pay the esic from past 5 years know when i entered into xyz company how to pay the esic from past 5 years in a simple way
From India, Hyderabad
were i am working there are three companies were in that one company has closed and know i have to transfer all employees into new company, including esi pf pt, so can any one suggest me what is the process for it. and also in previous company the management has deducted only pf from employees and company has contributed the epf, but the management dint pay the esic from past 5 years know when i entered into xyz company how to pay the esic from past 5 years in a simple way
From India, Hyderabad
Hi, Inform employees to fill up the joining formalities as new employees and generate new emp codes accordingly and transfer the old PF account to new company. Regards Deepak
From India, Delhi
24From India, Delhi
In addition to this, there are other things as well to be taken care of like Gratuity.
Now since all the three companies are sister companies and as one of them has shut down and you all are transferring your employees from the closed firm to another firm, there should be gratuity angle considered. You must be having employees who might have served more than 5 years or are about to finish the said continuous tenure.
Acquisitions and Mergers are not just the handling issues for finances and employees, but HR have to be on their toes to see to it that employees are not hampered.
The PFs should be transferred as it would have and change of company's name would not have an impact on it.
You will have to issue new appointment letters to the employees in the new company's name. However do mention on the new appointment letter that the prior experience with their ex-company named [the shut down company's name] would be considered for gratuity purpose.
Waiting for seniors to guide better.
From India, Mumbai
Now since all the three companies are sister companies and as one of them has shut down and you all are transferring your employees from the closed firm to another firm, there should be gratuity angle considered. You must be having employees who might have served more than 5 years or are about to finish the said continuous tenure.
Acquisitions and Mergers are not just the handling issues for finances and employees, but HR have to be on their toes to see to it that employees are not hampered.
The PFs should be transferred as it would have and change of company's name would not have an impact on it.
You will have to issue new appointment letters to the employees in the new company's name. However do mention on the new appointment letter that the prior experience with their ex-company named [the shut down company's name] would be considered for gratuity purpose.
Waiting for seniors to guide better.
From India, Mumbai
In pf department you can make an application to merge the funds of both the company as a proff you are required to attach high court order for merger/acquisiation, if you do not have that than MoU or business transfer agreement executed between two companies can be attached.
for ESIC it will be better to open a new account as pending contribution may creat hurdle for you.
as far as gratuity is concern you have to place a request to merge gratuity fund for both the companies.
vinay
From India, Alwar
for ESIC it will be better to open a new account as pending contribution may creat hurdle for you.
as far as gratuity is concern you have to place a request to merge gratuity fund for both the companies.
vinay
From India, Alwar
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