Pf query
Saurabh Kumar Singh
(Querist) 15 December 2012
This query is : Resolved
Dear Experts,
please help me on following query:-
1. X employee has resiged from C group company and joined the C1 company( sister concern of C company). X is not willing to continue his old PF a/c and opened new PF a/c with C1 company. please explain- (a) He can be allowed to wihdraw PF amount laying with c company or not. (b) if allowed, then under which provisions (c) if not allowed, then why.
yours view requested.
Sudhir Kumar, Advocate
(Expert) 15 December 2012
He can withdraw by giving wrongful undertaking (as printed in form ) that he is not employed anywhere.
Withdrawal will be loss to him. He should get the money transferred to new account by filling Form 13. This way he will add previous contributory years in eligibility of pension which he will need in old age. Such transferred contributed years will also add to loan eligibility.
Raj Kumar Makkad
(Expert) 15 December 2012
a). He cannot withdraw if there is no gap of 6 months in further employment.
b). not applicable.
c). EPF & MP Act is a social legislation meant for the benefit of employee, however, the money is kept for the use of Govt. for its various schemes and if employees untimely withdraw such amounts, definitely the economic health of State shall become disfigured.
I don't support the idea of Sudhir to make lies and submit false statement while making application for withdrawal.
Sudhir Kumar, Advocate
(Expert) 16 December 2012
I simply told him that such withdrawals are based on false statement.
I have told him beneficial and lawful option of transfer.
Raj Kumar Makkad
(Expert) 16 December 2012
alse statement in record is always harmful for an employee.
V R SHROFF
(Expert) 16 December 2012
it is in your future benefit. So continue PF.
Why give false statement to sister concern. It will be hanging sword on your neck, in case u err sometime in future..
Better do not go for false statement. U will be lose on both sides..
I agree with Shri Makkad.
V R SHROFF
(Expert) 16 December 2012
Person of ur responsibility of "Asst Manager- Legal" should not think such shortcut to gain negligible..
It's loss/ not gain in reality. Continue ur PF.
ajay sethi
(Expert) 16 December 2012
agree that no false staement should be made and that employee should continue with PF
Raj Kumar Makkad
(Expert) 16 December 2012
As you have opened a new account, get transferred the earlier accumulations in the new account.
Sudhir Kumar, Advocate
(Expert) 16 December 2012
but such false statement is rampant. Everyone changing company withdraws earlier deposits although truthful way is beneficial to subscriber.
Raj Kumar Makkad
(Expert) 16 December 2012
If some other are doing wrong and illegal, you do not get license to follow them and you cannot take shelter behind their deeds.
