PF - Can I Apply Withdrawal Now Or Wait For 5 Years For Non Tax Deduction Benefits?

Sir, I left my job 6 months ago after working with that company for 4 years and 20 days. I have not yet applied for PF withdrawal. Currently, I am working in another company with a new PF account that was created by my current employer. Can I apply for withdrawal of my previous PF amount now, or should I wait for completion of 5 years to avail of any non-tax deduction benefits?

Dear Avijitdas,

For Income Tax exemption, there should be a contribution of 5 years in EPF. Since you have a service of 4 years and 20 days only, to qualify for the exemption, transfer the previous PF to be clubbed with your current service.

Abbas.P.S

Dear Avijitdas70,

First of all, you are not entitled to withdraw your PF accumulation but to transfer it to your new account, since you are in employment wherein PF is deducted from your salary unless there is at least 60 days of non-employment between your old employment and new employment.

Transfer and keep the a/c regular. It is better to keep the a/c regular, build corpus, and be eligible for pension.

It is better to have your PF account transferred to the new employer by filling out the requisite forms and submitting them to the Regional PF Commissioner.

Thank you for your response, but my new company has already created a new PF account, and it's been six months since then. Could you please assist me in withdrawing my PF balance?

Dear Avijitdas70,

To withdraw your PF balance from both your old and new accounts, you will need to resign from your current job and join a company that does not have a PF scheme. I hope this clarifies the process for you.

Kind regards,
[Your Name]

Dear Avijitdas70,

In my view, you can withdraw your PF currently from your previous organization. The same happened with me; I left one organization and joined another but did not fill out my PF form. After 6-7 months, I went to my previous org and filled out the PF form. I received my PF money within 2 months.

Hi,

As per the latest news, the central government has introduced a new concept called UAN Number, which will reduce your tensions regarding withdrawal and transfer. Get your UAN number from your previous employer and proceed with the transfer so that you will have all your data from the past 4.2 years in a single account. According to government policies, you are not eligible for withdrawal as you are currently employed.