I was working in an association and left recently following five years and nine months of nonstop help. Employee Provident Fund (EPF) in the said association is overseen under their private trust and not in EPFO. It is connected to my Universal Account Number (UAN). The association that I have joined now, doesn’t go under the domain of Provident Fund (PF) Act and can’t deduct PF from compensation. Thus, my past association has requested that I pull out the PF sum gathered as I have finished 2 months from my last date.
Would I be able to move my aggregated PF sum from the Trust to EPFO through UAN and let the sum stay there? In the event that I shift occupations once more, would I be able to move it to an alternate association in future?
If I can’t move the sum, I should pull out it. All things considered, how could I contribute the corpus so the sum is kept put resources into some instrument?
Since I have over 5 years of administration, assessment would not be exacted on PF withdrawal. Is my agreement right?
-Name kept on demand
We comprehend that your present business association isn’t covered under the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (the EPF Act). Consequently, they can not open a PF represent you.
According to the arrangements of the EPF Act and its standards, PF balance must be moved starting with one PF account then onto the next PF account.
Without even a trace of another PF account with the new manager, you can not move your recent PF balance.
Additionally, there is no mechanism under the law by which the PF balance can be moved by the representative straightforwardly from a private trust to EPFO particularly where the current manager isn’t covered under the EPF system.
We have not confirmed the trust manages and have consequently not remarked on the prerequisite of a required withdrawal for your situation.
Further, as this question is according to a investment viewpoint, you might need to talk with a monetary counsel.
According to Section 10(12) read with Rule 8 of Part An of fourth timetable of the Income-charge Act, 1961 (the Act), the aggregated PF funds receivable and payable to the representative for example balance amazingly on the date of suspension of his business, is absolved from charge in the event that he has delivered persistent assistance for a time of five years or more.
In the moment case, as your time of work with the past association was over 5 years, the whole sum balance to the degree payable to you at the hour of stopping work with the association, will be excluded from charge.
In any case, kindly note that any gradual additions to the Provident Fund (PF) balance from the time that you stopped work with the past association (that is, after the last day of working with the association till date of withdrawal), would be available in your grasp.
