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How To Withdraw PF Or Transfer PF From Exempted Trust?

How To Withdraw PF Or Transfer PF From Exempted Trust?


How To Withdraw PF Or Transfer PF From Exempted Trust?

Friends if you ever have tried to withdraw your PF & saw such kind of error where it is written that your PF is managed by a trust 

so please contact your employer then it simply means that your PF Amount is not with EPFO And your PF Money is with your company 

why such a thing happens & in such cases how the withdrawal of money can be done and when you change the job than how you can transfer your PF Money 

In our country, there are almost 1500 companies that don't deposit PF Money with EPFO Instead, they manage it by own In these 1500 companies, 

There are more than 50 lakh employees And they are managing more than 1 lakh crore on their own And out of that 50 lakh employees, you could want to withdraw PF Money 

But that withdrawal is not possible on the online portal of PF such withdrawal can be done in your company only & how it can be done.

So first of all let's talk about what is PF TRUST? In our country, there are many big companies like TCS, INFOSYS, ACCENTURE, BCG where people in large number work where such large number of people works & it becomes difficult for them If on any day, 100 employees request for their PF withdrawal then company's HR have to assist those 100 employees separately And in this manner, both time & money gets wasted 

So to facilitate you, people, with better services EPFO allows these big companies to manage the PF Money on their own And whenever employees want to make such withdrawal then the company will their money back to them 

You don't need to take any sort of tension because rules applicable in the case of NORMAL PF is also applicable in the case of TRUST PF means over here in case of TRUST PF also you will get interested at the rate of 8.65℅ You will also have UAN Number & PF Number but you cannot view your passbook online i.e., at EPF Portal because the passbook is made by EPFO 

When EPFO is not having your money then they cannot make such entries in your passbook but it doesn't mean that your money is not safe because you can consider EPFO like an RBI and exempted companies are banks 

so without EPFO permission banks cannot do anything the case is the same where you are getting the same interest as in the case of EPFO the only difference is that money's are kept at different places And companies 

who have permission from EPFO to manage their own money Those companies are known as exempted from PF and companies who deduct money & submit it with EPFO is known as unexempted trust Now big question is that how will you know that whether your company falls under trust or not So, 

PF Department has established a very good feature which is known as "PF Establishment Search" 

If your company is under exempted trust then during PF Withdrawal you have to consult your company's HR then it is your company's HR responsibility to give your PF Money along with the interest & if that withdrawal is getting delayed by 7-10 days 

Then you have the power of addressing your grievance on the PF Grievance Portal just like other people do where you can mention that so & so the company has not given your withdrawal money yet 

Now I will tell you how you can transfer your PF Money instead of withdrawing it when you leave one company & join the other company and you are leaving the TRUST Company & joining the company where TRUST is not maintained then over, in this case, PF Money is directly deposited with EPFO 

In this case, you have to contact the HR of your present company which you are about to leave that I am leaving this company and joining other company After that, 

It's HR responsibility to handover you the 4 things i.e., 1st your EPF Account statement where details regarding your monthly contribution along with interest rate will be mentioned then HR will give you Annexure A 

Where your date of joining, date of exit, PF Balance, interest levied on it Your service period, old & new PF Numbers, everything related to this will be mentioned 3rd thing is a letter where your old company will write a letter to your new company 

where it will be mentioned that our employee is leaving the company and joining another company kindly take this money from our company and transfer it into an EPFO and the last thing that you will get is a cheque on which the EPFO Amount will be mentioned this cheque will not be in your name. 

Any company which you are about to join it will be on the name of that place regional PF Office suppose you are leaving a Trust company & joining any company of Jodhpur then your cheque will be given on a name i.e., 

Regional PF Office Jodhpur because you are transferring your money from Trust to EPFO Along with these 4 documents, you will visit your new company HR 

HR will write a new cover letter where he will mention that this employee has left that company & join our company In a previous company, his PF Amounts this much and this is the cheque for so kindly take out this sum & submit it with the EPFO this letter will be sent to the Regional PF office whichever is applicable over there 

So many people are not aware of such process & they think that they can perform such process online then this facility is not for you if your PF Money is kept with your company only for this work you have to contact your company's HR.

Also read: How to Build a Portfolio with ETFs

Also read: How to invest for retirement at age 60



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