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Should I change jobs? I'm a 40-year-old software developer with 10 years of experience.

Milind

Milind Vadjikar  |241 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 08, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Balwinder Question by Balwinder on Apr 26, 2024Hindi
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Previously I was working with a company and after serving there for 10 years I have joined another company. I have withdrawn my pf from the previous company but unable to transfer my pension fund to my new one. Now I have left the job and want to know how I can transfer my old pension with new one, whereas my old service period does not appear in my UAN, please help

Ans: You may need your ex employer's letter alongwith eps scheme certificate to transfer and link it with your UAN
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Feb 05, 2024

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Hi Sir, I Have already posted one question, but not finding any correct answer. Again raising same question. I am 57 years old, have completed 10+ year service in 2 different private job with two different PF number, that time UAN was not in system. and in both company I am eligible for Pension. And I am not in service from last 3 years. Now my question is how can avail pension scheme? can apply for pension separately from both company or still any chance it will merge and avail pension in one account only?
Ans: Claiming Pension from Two PF Accounts:

Separate Claims: Unfortunately, merging separate PF accounts is currently not possible. However, you can apply for pension benefits separately from both accounts.
Eligibility: Based on your age and service time, you seem eligible for the Employees' Pension Scheme (EPS) pension from both accounts. You likely need to complete 10 years of service under EPS to be eligible.

Process:

Gather Documents: Collect your PF account passbooks/statements and UANs (if linked). If you don't have UANs, get them activated for each account.

Contact EPFO Offices: Locate the EPFO offices responsible for your areas based on your last place of employment in each company. Visit or contact them (phone/email) and explain your situation. Provide your UANs or PF member IDs for faster processing.

Claim Forms: The EPFO officials will guide you on the specific claim forms for each account. Fill them out accurately and submit them with required documents.

..Read more

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Moneywize   |160 Answers  |Ask -

Financial Planner - Answered on Sep 28, 2024

Asked by Anonymous - Sep 27, 2024Hindi
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I’m working woman around 35 age living in Chennai with my son aged 6. How can I save tax on my salary income through investments in mutual funds and other tax-saving instruments under Section 80C?
Ans: Understanding Section 80C
Section 80C of the Income Tax Act offers a deduction of up to ?1.5 lakh on your taxable income. This can be claimed by investing in various financial instruments. Here are some popular options that align with your goals:
1. Public Provident Fund (PPF):
• Pros: Safe, long-term investment with guaranteed returns.
• Cons: Lock-in period of 15 years.
2. Equity Linked Saving Scheme (ELSS):
• Pros: Potential for higher returns, shortest lock-in period (3 years).
• Cons: Market-linked risks.
3. National Pension Scheme (NPS):
• Pros: Tax benefits, pension income, additional deduction of ?50,000 under Section 80CCD(1B).
• Cons: Early withdrawal penalties.
4. Sukanya Samriddhi Yojana (SSY):
• Pros: Dedicated for a girl child, tax-free interest.
• Cons: Limited to two children, long-term investment.
5. Employee Provident Fund (EPF):
• Pros: Employer contribution, tax-free interest.
• Cons: Limited control over investment.
6. Tax-Saving Fixed Deposits:
• Pros: Relatively safe, fixed interest rate.
• Cons: Lower returns compared to other options.
Additional Tips:
• Diversify: Consider a mix of investments to manage risk and potentially maximize returns.
• Consult a financial advisor: Seek professional advice tailored to your specific financial situation and goals.
• Consider your risk tolerance: Choose investments that align with your comfort level.
• Review regularly: Periodically assess your investments to ensure they meet your evolving needs.
Remember: The best tax-saving strategy depends on your individual circumstances. It's essential to evaluate your financial goals, risk appetite, and time horizon before making investment decisions.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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