Hi I am switching my job after a 1.4 years. Should i transfer my PF account from my current organization to new one or should i withdraw money from PF account. I have heard from friends that switching the PF account sometimes takes a very long time(maybe 2-3 years), in that case isn't it better to withdraw money from current PF account and start afresh with the new organization?
1 Answers
If you withdraw it before five years of EPF account operation (including all jobs), amount would be taxable and you would need to pay tax on withdrawal.
Moreover, EPF department would ask reason for withdrawing in which you will have to mention falsely that you are not doing any job anymore.
It would be better to transfer amount to new company's EPF account. Earlier transfer used to take longer and sometimes not even done. There was no tracking earlier.
But now, EPF transfer can be tracked and you can complain if its not done within 2-3 months. So it would be better to transfer it now.
"But now, EPF transfer can be tracked and you can complain if its not done within 2-3 months. So it would be better to transfer it now."
How can we track our EPF transfer?
It can be checked on this page: http://epfindia.com/ClaimStatus_New.html Same page is there for EPF withdrawal and transfer.
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