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Changing Jobs

Did you know?

Only about 12% of the Indian workforce is covered by some form of retirement benefit scheme.

With more than 88% of the working population uncovered, the existing system is unlikely to act as a social security umbrella for retirement.

 

Changing Jobs?

Financial planning is essential when changing jobs or careers. We can help you address some questions:

  • Have you kept a savings cushion to help you through the transition?
  • Have you obtained a Form 16 from your previous employer and shared that with your new employer, so that the right amount of tax is being deducted and that you are not getting more deductions than you are entitled to?
  • Have you shifted your PF balance and superannuation?  Have you done the necessary paperwork to facilitate a smooth transition of your account to your new employer?
  • Was your current employer offering you ESOPs (Employee Stock Option Plans)? Are you familiar with their vesting and if you are eligible to encash these at all?
  • Do you understand what rights you can exercise related to your options?
  • Have you ensured that you do not remain uninsured during the transition period from one job to another?
  • Have you ensured that you do not remain uninsured during the transition period from one job to another?
  • Are you aware of the insurance benefits you will be eligible for at your new job and whether you will have to serve for minimum few months before your coverage kicks in?
  • How does your new income fit your personal goal for achieving financial security in retirement?

How we can help

A job transition can open up new financial choices and options. We can help you understand the financial considerations of a career transition and make decisions that can help position you to meet your future career and retirement goals.



Have a question? Write to us at inquiry@principalindia.com.

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