In the present era, changing job is an easy thing and it has become a growing trend to change jobs frequently. Unlike earlier where changing jobs was not easy and was a hard thing to do, individuals used to spend decades working for the same company.
Now, reason can be anything to change job from better salary, area of company, designation, perks, work environment and work flexibility.
Individuals who are in a new job with hike in salary should be more responsible in taking care of financial things.
Here are few mistakes to avoid when an individual joins a new company.
If the new company is having a tie with the same bank as your earlier salary account, then you need not worry. In case, if you have to open another salary account in another bank make sure you either close your earlier salary account or convert it to the savings account by maintaining a minimum balance.
Note that in case if you want to cancel the account take a soft copy and hard copy of all the statements and maintain the passbook for further use.
Now the EPFO is at par with technology and make sure to complete all the formalities by filling the right form to getting a signature from the employer. However, one can transfer the EPF claim online.
Make sure you collect the Form 16 from both the employers at the year end, with the help of both forms only one would be able to file tax returns.
For that particular year, you should sum up the total income from both the employers and file income tax return.
Do not forget to update the information to banks regarding your address change. Check which account is linked to you loan account. Transfer the amount to loan account without fail.
If there is good hike in your job, check for credit cards with higher limit and with good cash back offers. Better to link your credit card to your bank account as it will be easy to make payments. Make sure that nothing is linked to your old salary account.