The Job-Switch Checklist
A Smooth Job-Switch
Switching jobs can be exciting and lucrative, bringing you new learning (and earning!) opportunities. Here’s a checklist to ensure you have a smooth change-over.
Don’t Jump The Gun
Don’t put in your resignation until you get a written confirmation - along with a soft-copy of your joining letter - from your new employer.
Leave On Good Terms
You may have faced problems - but don’t take it out on your employer as you prepare to leave. Part ways on good terms, for the benefit of your career in the long run.
Understand Your New CTC
Analyse your new remuneration offer - CTC, in-hand salary, variables etc. Understand all your deductions & benefits so you know exactly how much you will be getting.
Managing Multiple Bank Accounts
Your new employer might require you to open a new account. Talk to them about using your existing account to save the hassle of managing many accounts.
If you have EPF benefits, you can use the same account at your new job or withdraw the money when you quit. It's best to keep using the same EPF account even as you change jobs.
You need to collect and file all forms, including form 16, relieving letter, experience certificate, previous payslips etc, before you join your new organisation.
Does your new job/CTC push you into a higher tax bracket? Understand clearly how much tax you will be required to pay in your new role, and plan and save accordingly.
Stick With Saving
Even if you are getting paid much more in your new role, always remember to keep a percentage of your salary aside as monthly savings.
Switch With Confidence
Now that you know what to do as you move into a new job, make the switch with confidence!
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.