5 Financial Things To Consider While Switching Jobs
Employees Provident Fund
Switching jobs suggests two ways of dealing with employees provident fund corpus. You could either transfer your existing account to the new employer or close the old account and open a new account. Something you need to consider is that, the duration for opening a new account can take 3 to 6 months. In addition, you would be left with a smaller retirement corpus because you would lose on the advantages of your corpus compounding. If you withdraw before five years you will have to pay taxes. Therefore consider transferring the corpus rather than withdrawing, as it would give you better tax benefit and retirement benefit.
