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Old 7th July 2010, 11:21   #46
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@hooligan:
Just withdraw maadi. PF transfer takes months b/w one company to another.
Myself always withdraw the PF amt when leaving the company. Unless it is a govt job.
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Old 7th July 2010, 22:15   #47
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Folks,

I have a situation and need some advice. I have put in my resignation on the 1st of July and am serving notice for 30 days (till 30th July). For my designation the relieving period is 2 months, hence I am willing to pay 1 month's salary as shortfall in notice period, but my Boss has refused to relieve me and says that they are not accepting my resignation and hence would mark me AOD (abandonment of duty) and send a recovery??. Now I am in a doubt as to what to do, as I am serving a month's notice and paying up for month, I do not on which basis my resignation is not being accepted...would appreciate if I could get some advice on this situation,

Cheers
RD
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Old 7th July 2010, 22:43   #48
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Technically speaking no company or institute had the right to stop an employee from not working. No matter what is written in your appointment letter.

I had heard of similar cases where notorious managers would not release their reportees in less than the notice period even when the person is ready to pay the compensation for the days where he had not server the notice period. One fearless guy did approach the Human Rights commission and the very next day he was release with a proper release letter.
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Old 7th July 2010, 22:49   #49
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Going back to PFs, these are some of my opinions.

1. PF money should never be withdrawn. It should be kept as a contingency fund.
2. You earn 8.5% compounded return on yearly basis
3. It is totally tax free at the time of maturity. Maturity means when we retire or after 5 years atleast. It is an EEE (Exempt3) kind of investment.
4. PF cannot be taken out official if you are in a job. But since in the provate space where people swithc between job the govt. cannot keep track of all the changes and so people easy get away and take their money out.
5. PF in a ccount more than 10 years earns a small pension too after you turn 50 and retire.


According to me, PF money is one of the flawless type of invested and no one should ever withdraw it untill he is in serious need of it.
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Old 7th July 2010, 23:11   #50
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Shuvadips,
Thanks for the insight, now my next question is how do I tackle the situation, I mean what should I do, request them for a relieving again and again or ask them for a written explanation on what basis they are refusing to give me a relieving certificate..?

Cheers,
RD
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Old 7th July 2010, 23:40   #51
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I have a query on my PF status

I had a PF account with my previous employer for about 6 months after which I quit. Now, this was 2 years ago and I have not transferred the PF account to the new employer nor have I withdrawn the money.

I know that the account will be idle. Is it advantageous in any way (monetary wise) to leave the account as it is and withdraw later? OR Should I withdraw the amount now?

I understand that TDS @ 30% will be deducted if it is withdrawn. Is there anyway to avoid this?
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Old 8th July 2010, 00:40   #52
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I have a query. I will complete 5 years with my current PF account. I am planning to go for higher studies next year or at the most 2 years from now. I will be resigning from my company for that. If i just leave the money in the PF account, will it still attract 8.5% interest or is the interest paid only if i am employed?
I am in a dilemma whether to withdraw the amount or not!
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Old 8th July 2010, 06:42   #53
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I had Applied for PF withdrawl in February,and now its July,nothing in sight.
I am here upnorth,but my PF Account is being Handled in Bangalore
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Old 8th July 2010, 10:20   #54
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Quote:
Originally Posted by addyhemmige View Post
I have a query on my PF status

I had a PF account with my previous employer for about 6 months after which I quit. Now, this was 2 years ago and I have not transferred the PF account to the new employer nor have I withdrawn the money.

I know that the account will be idle. Is it advantageous in any way (monetary wise) to leave the account as it is and withdraw later? OR Should I withdraw the amount now?

I understand that TDS @ 30% will be deducted if it is withdrawn. Is there anyway to avoid this?
Transfer is always a better choice. It helps in your conitnuity of 10 years of the account and you shall be eligible for pension also.

A kind note during my experience of PF transfer within bangalore : Kindly transfer your account with 7 years of your exit of the company, else it is assumed that the account holder is a dead person and the amount might be transferred or withdrawn by fraud. Information courtesy a PF employee.

Quote:
Originally Posted by naveenvenkatesh View Post
I have a query. I will complete 5 years with my current PF account. I am planning to go for higher studies next year or at the most 2 years from now. I will be resigning from my company for that. If i just leave the money in the PF account, will it still attract 8.5% interest or is the interest paid only if i am employed?
I am in a dilemma whether to withdraw the amount or not!
Listed above. Interest rate will remain the same. If you are going for a long term, better choice is to withdraw

Quote:
Originally Posted by akshay4587 View Post
I had Applied for PF withdrawl in February,and now its July,nothing in sight.
I am here upnorth,but my PF Account is being Handled in Bangalore
Does a RTI work on your application status. Just my thoughts
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Old 8th July 2010, 10:49   #55
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Quote:
Originally Posted by lambuhere1 View Post
Transfer is always a better choice. It helps in your conitnuity of 10 years of the account and you shall be eligible for pension also.

A kind note during my experience of PF transfer within bangalore : Kindly transfer your account with 7 years of your exit of the company, else it is assumed that the account holder is a dead person and the amount might be transferred or withdrawn by fraud. Information courtesy a PF employee.
Actually, I might quit my current employer in a few months, so I don't think a transfer is feasible. Will I still be getting interest for the money that is lying idle in the PF account?

I was planning to withdraw, but if interest is being credited, I might leave it for a few more months. What do you suggest?
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Old 10th July 2010, 17:39   #56
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Quote:
Originally Posted by jraj View Post
I am moving abroad on a long term assignment.The process in our firm is that I would be relieved from our Indian office and will receive new offer in our US entity.

However,initial enquiry at office says that I cant close my PF account and it will remain idle until I quit the company or resume deposits when I return to India.

Has anyone been in this situation before?can I close my PF and make a withdrawal or have to let it remain idle?
As per EPFO rules, you cannot close a PF account unless you quit the organisation. Secondly you cannot apply for a withdrawal until 2 months of relieving from the organisation, However, you can apply for a transfer via form 13, if changing to another company in India.

In your case as it is an intra-company transfer you may not avail the benefit of PF withdrawal and the account will lie idle. Not bad you will earn 8.5 % interest compounded annually. However, as you are moving abroad, you may still be eligible to withdraw it. Check with the PF office.

Quote:
Originally Posted by kiku007 View Post
I completed 5 years and 1 month when I resigned from my previous employer. I have applied for PF withdrawal. Will the amount be taxed?
EPF withdrawal is tax exempted (as of now) irrespective of no. of years in an organisation.

Quote:
Originally Posted by benbsb29 View Post
I wanted to check on the status of my PF transfer which was initiated by my former employer 3 years ago. However, when i called up the PF office where the old PF account was located, they say they cannot track online for an account which was transferred 3 years ago. How else can i confirm if the transfer has taken place?

The mail from my former employer mentions the date as well as DD number of the transfer initiation.

My current PF account is held with the KR Puram PF office (Bangalore), but none of their numbers listed online seem to work. Any hints, guys?
The best way is to visit the respective PF office and meet the RPFC. Now-a-days they will also give you a computerized status slip when you show the acknowledgment received while the application was submitted (or the PF number and date of application to the least)

You may contact this number at KR Puram - 25611955

Quote:
Originally Posted by Ho0ligaN View Post
Is it mandatory to transfer PF if you switch companies? Or is it my wish to withdraw? I don't care about the Tax deduction. I have got a mail from my previous employer that if I am working somewhere I *have* to send the new PF account details and initiate a transfer. I just want to withdraw as its a small amount.
It's not mandatory to transfer the PF to the new company. You may withdraw it at your wish. However, there is a catch here - per PF act, you can withdraw the amount after 2 months of leaving a company, provided that you stay unemployed for these 2 months or are employed by a company where the PF policy does not apply (in case of companies having employee strength below a certain number). With no central computerization system its next to impossible for the PF department to know whether you were employed or not in these 2 months. But moving forward as there will be a central system, they can track that also. So take the advantage now.
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Old 11th July 2010, 16:02   #57
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Suppose if a person worked for less than 1 year in one company and went for an entrepreneurial route. In that case how can that person withdraw PF money ?

Also is it mandatory to go to the previous employer to withdraw PF money ? What would be the case of persons who are employed at distant places ?

Last edited by mithun : 11th July 2010 at 16:03.
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Old 11th July 2010, 16:46   #58
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Quote:
Originally Posted by mithun View Post
Suppose if a person worked for less than 1 year in one company and went for an entrepreneurial route. In that case how can that person withdraw PF money ?

Also is it mandatory to go to the previous employer to withdraw PF money ? What would be the case of persons who are employed at distant places ?
You can apply for PF withdrawal irrespective of your period of service in any organisation. The procedure is same, i.e. You have to apply through Form 19 and 10C.

It is not mandatory to go to the previous employer. However, certain financial data is required to fill up the form 19 (contribution for the current financial year). If you have the data it's fine, else you need to get this information from your employer. Also your employer must have submitted form 3A to the PF office for the time frame for which you are applying the PF withdrawal (i.e. your period of service in the company)

Hope this clarifies.
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Old 11th July 2010, 17:30   #59
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DigitalDragon: Thanks for the excellent reply. And, I hope the ex-employer might have submitted Form 3A.
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Old 14th July 2010, 01:07   #60
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Quote:
Originally Posted by ridinthru' View Post
Shuvadips,
Thanks for the insight, now my next question is how do I tackle the situation, I mean what should I do, request them for a relieving again and again or ask them for a written explanation on what basis they are refusing to give me a relieving certificate..?

Cheers,
RD

I think that might be a good idea!

I must admit I'm not sure what to say on such a sensitive issue
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