Hi All,
I am leaving a company in a day or two after serving full notice period and complete handover, they will be issuing relieving letter after completion of exit formalities/clearances.
I have got all clearances but for PF dept, they are asking me that as per PF and ESI act, I need to transfer PF to next organization. I know that PF Transfer is a complicated process and mostly it takes lot of time to complete, so I want to take out my PF and will pay tax accordingly to government. Its better to keep money in Bank FD rather than PF (at least it will come out immediately in case of crisis).
Can the company force me to transfer PF (even if I am working in other company with other PF account number)? Company is a big IT company and has its own PF Trust, not sure why they are doing so? Please help.
This is what they have sent me.
"Please note that as per EPF & MP Act, 1952, Employee who are leaving XXXX India and joining next organisation needs to transfer his PF."
Thanks,
Ashish Jain
