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Reserve your benefits during job change
  • Objective
             The government has permitted portability of provident fund benefits among jobs in order to enable members to continuously maintain their retirement savings in the provident fund scheme despite of their employment termination. In case of resignation, a member can choose to temporarily keep his/her money within the former fund before transferring it to the provident fund of his/her next employer later. In this case, the member is free from tax burdens since his/her saving is still maintained within the provident fund scheme.
  • Guidelines
             1. Inform the fund committee or the asset management company of your intention to maintain benefits in the provident fund scheme as well as your bank account number.
             2. The maximum reservation period of each fund varies among funds and is according to each fund’ article. 
             3. Management company may call for an upkeep expense plus VAT.
             4. Transfering of benefits must be made within the period specified. The asset management company will transfer the reserved amount after withholding tax to the given bank account. Also, the benefits received will be included with other personal income during the year and counted as taxable income.

             While benefits are reserved within a provident fund, they will be invested to generate return to fund members.

last updated date 07/06/2553

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