Transferring PF while job hopping

9-1-2010

Provident Fund (PF) deductions are made from salary/wages of any person employed in an establishment covered under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952. Such deductions are to be made in respect of employee whose basic salary/wages does not exceed Rs. 6,500.

While changing jobs, employees can either withdraw the PF amount or transfer existing PF account with the new employer. For transfer, the new employer needs to be furnished with EPF Form 13 along with the EPF account number of employee. Such number needs to be collected from the HR department of previous employer. The new employer will submit this form to the regional EPF office after adding the new EPF account number.

Any withdrawal from PF account made before completing 5 years of service is taxable. But if it is transferred it does not attract any taxability.

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