Hi,
My company is merging into 1 and I would like to find out more about the PF transfer and ESIC transfer. What are the activities that we need to do? by when we can start these activities and what are the documents needed?
Any advise is greatly appreciated.
Norman
From Singapore, Singapore
My company is merging into 1 and I would like to find out more about the PF transfer and ESIC transfer. What are the activities that we need to do? by when we can start these activities and what are the documents needed?
Any advise is greatly appreciated.
Norman
From Singapore, Singapore
Sir, Can’t comment without knowing all the facts like merging with which constitution, whether covered or not. P k Sharma
From India, Delhi
156From India, Delhi
Hi Mr Sharma, We now have 2 entities with 2 PF and are going to merge the 2 entities into 1. Thanks Norman
From Singapore, Singapore
From Singapore, Singapore
Is it like you have 2 different entities & one entity is going to take over other entity & follow 2 different firm names?
or X company will be closed & all the employees will be joined together Y company?
Unless & until there is clear details its very difficult to share the solution
From India, Bangalore
or X company will be closed & all the employees will be joined together Y company?
Unless & until there is clear details its very difficult to share the solution
From India, Bangalore
hello All,
Post merger of the organization, employees will now have new PF account number with establishment code of new organization and so employee has to initiate online PF transfer from previous PF account to current PF account.
ESI also has to get renewed with new organization details. Employee has to submit ESI transfer letter to ESI department for the same.
Hope this helps!
From India, Hyderabad
Post merger of the organization, employees will now have new PF account number with establishment code of new organization and so employee has to initiate online PF transfer from previous PF account to current PF account.
ESI also has to get renewed with new organization details. Employee has to submit ESI transfer letter to ESI department for the same.
Hope this helps!
From India, Hyderabad
Mr. Norman,
What I understand is you are having two set ups which are going to merge. If so, the constitution taking over the other will comply under ESIC and EPF for both in his existing registrations and intimation of merger and making compliance into single code has to be given to the appropriate authorities.
In case of change in constitutional setup and its legal entity, the case may be change.
P K Sharma
From India, Delhi
What I understand is you are having two set ups which are going to merge. If so, the constitution taking over the other will comply under ESIC and EPF for both in his existing registrations and intimation of merger and making compliance into single code has to be given to the appropriate authorities.
In case of change in constitutional setup and its legal entity, the case may be change.
P K Sharma
From India, Delhi
ESI Insurance # can be linked to Present Employer Code.
Similarly UAN Can also be linked to Present Employer.
In ESI there is no question of Transfer.
With regard to PF you have to verify about action required for Transfer, if any
From India, New Delhi
Similarly UAN Can also be linked to Present Employer.
In ESI there is no question of Transfer.
With regard to PF you have to verify about action required for Transfer, if any
From India, New Delhi
Previous ESI Insurance # can be linked to Present Employer.There is no question of Transfer as far as ESI is concerned.
PF UAN Can also be linked to Present Employer, since now contribution is remitted on UAN Basis.
Further for previous PF Transfer action as deemed fit can be initiated.
From India, New Delhi
PF UAN Can also be linked to Present Employer, since now contribution is remitted on UAN Basis.
Further for previous PF Transfer action as deemed fit can be initiated.
From India, New Delhi
Many thanks for all the advise.
Yes, X company will be closed & all the employees will be joined together Y company.
For PF transfer by employees - may I know is it true that this can only be initiated after the first salary under Y company is completed?
Employees need to go online to initiate the PF transfer?
For ESI - may I know whether the employees have to submit ESI transfer letter to ESI department? or is this done by the employer?
Regards
From Singapore, Singapore
Yes, X company will be closed & all the employees will be joined together Y company.
For PF transfer by employees - may I know is it true that this can only be initiated after the first salary under Y company is completed?
Employees need to go online to initiate the PF transfer?
For ESI - may I know whether the employees have to submit ESI transfer letter to ESI department? or is this done by the employer?
Regards
From Singapore, Singapore
Dear Norman,
You are not required to wait for first salary preparation. You obtain the ESIC and UAN numbers of all employees who are leaving X and joining Y company and insert them online in your employer's code where you have to mention the date of joining only. Requests for transfer from employees are not required in both the cases.
P K Sharma
From India, Delhi
You are not required to wait for first salary preparation. You obtain the ESIC and UAN numbers of all employees who are leaving X and joining Y company and insert them online in your employer's code where you have to mention the date of joining only. Requests for transfer from employees are not required in both the cases.
P K Sharma
From India, Delhi
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