I have joined a new organization and not considered for pf due to salary bracket. I have two pf accounts with previous organizations, one is with pf trust and UAN is allocated. The other one is with EPF organization and inoperative for 04 years. I want to make these amounts safe and secure for my future use. My age is 54 years. I am not interested for continuing to pf . How is creating NPS account and transferring both pfs to this . Can I withdraw while amount in future. If not even then do you recommend as a financial decision.
Do you feel NPS a great product over EPF when it comes to taxation and liquidity? Stay away from EPF transfer to NPS. Instead, move all your EPF accounts into a single EPF and under one UAN. This will make your withdrawal at ease when you want to do so.
Thanks Sir for your quick reply. In case differences with employer.
what are the chances of pf amount getting disputed or hold when employer has differences with employee. Awaiting your guide lines lines
Now the controlling of holding EPF with an employer is slowly removed. You can withdraw the money without employer also.
You can not transfer the amount from EPF to NPS. However, you can enroll separately under NPS. The NPS (National Pension System) is a contribution scheme launched by the Indian government, which offers a large variety of investment options to employees. Any Individual between the age of 18 years and 65 years can open NPS account. There are various merits of National Pension System (NPS), also known as National Pension Scheme. These are,
1. NPS Tax benefit: Subscriber is eligible for following Tax Deduction:
a. Deduction up to 10% of salary (basic+ DA) within overall ceiling Rs.1.50 Lakh u/s 80 CCE.
b. Deduction up to Rs.50,000 u/s 80 CCD(1B) from taxable income for additional contribution to NPS.
2. Low and Transparent Cost Structure
3. Choice of Pension Funds for Investment
4. Two Account Options – Tier I and Tier II
5. 24 x 7 online NPS login available
6. Well Regulated