Out of work 👋🏻. What to do with the Provident Fund?⁉️

Hello, 🙋🏻‍♂️ Meet me First LivingWealthy is almost the end of the year. Many friends may be planning to move or leave, and many people still have a reserve fund from the same company. But, uh, if we move or leave, what to do with the reserve fund? Today, I will invite my friends to see how to manage this part of the money. Let's see...

✨ 1. Maintain membership status.

We can choose to retain all funds in the original company's reserve fund by notifying the company or fund manager within a specified period of time (usually 30 days from the date of issue).

✅ advantages.

- Money has the opportunity to grow from investing in legacy funds.

- Tax benefits are granted when the threshold to take off money.

⚠️ precautions.

- No contributions from employers after leaving work.

- Maintenance period is limited (1-2 years)

- Retention Fees

✨ 2. Transfer to the Mutual Fund for Living (RMF for PVD)

We can choose to transfer all funds to the Mutual Living Fund (RMF) for PVD that is specifically opened up for resigning Fund members.

✅ advantages.

- Tax benefits are the same as those retained in the PVD.

- There are a variety of funds to choose from that suit our risks.

⚠️ precautions.

- Contains a holding condition according to the RMF criteria (must be held until the age of 55 and has been invested for not less than 5 years). If withdrawn early, the tax benefit and money tax received shall be refunded.

✨ 3. Get all funds out of the Withdrawal.

We can withdraw all money from the Provident Fund and spend it on demand in three cases:

✅ case 1, receive all money and are exempt from all money taxes. Be a member of the Fund 5 years and over and leave after retirement (age 55 and over).

✅ case 2, receive all money but have to file taxes. The tax can be separated from the regular income by being a member of the fund and having a working age of 5 years or more, but leaving the job before retirement.

✅ case 3, take all the money and apply the proceeds to the total tax calculation to various types of dingins (except self-contributions), which can be done even as a fund member for up to 5 years and leave work before retirement.

✨ 4. Transfer money to the Provident Fund "of the new company."

If the new company has a provident fund, we can choose to transfer all the money to the new company's provident fund.

✅ advantages.

Allows Fund membership periods to be counted consecutively.

This makes it more likely to receive a tax exemption faster (counting the period from the original fund combined with the new fund).

✨ Which way do your friends choose? Please stop by to talk under the comments.

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# Provident Fund # Financial management

# Financial planning # Lemon 8 Howtoo # Plan retirement