If I change jobs, will I lose the money that's on my CPF?

(Received Idea)

If I change jobs, will I lose the money that's on my CPF?

(SMS Conversation)

- Congratulations on your new job! (smiley)

- Thank you!

However, I lose all my CPF money

- Are you sure? (questioning emoticons)

- Yes... the CPF amount is reset to zero when you change jobs

(Received Idea)

“If I change jobs, I lose my CPF money.”

FALSE

(Public Service Response)

It's a common misconception!

You keep your personal training account - called CPF - throughout your working life.

The CPF is used to fund training. Except in special cases, it is supplied every year with 500 € if you work at least part time. Otherwise, this amount is proportional to your working time. This total may not exceed € 5 000. In addition, your company or certain organizations, such as Pôle emploi, can add money.

The CPF is attached to you, not to your status or employment contract.

Thus, the amount accumulated on your CPF does not disappear when your professional situation changes.

To better understand, let's take the example of an employee who evolves.

If he changes his company, he arrives at his new employer with the same amount of money on his CPF as when he left his former job.

If he becomes a jobseeker, his CPF is no longer funded, but the amount of money he had is still available for training. And this whatever the reason for the termination of the employment contract: resignation, dismissal, or breach of contract....

What if he becomes a civil servant or a public official? He retains on his CPF the rights acquired during his previous private sector jobs.

Once in the civil service, a second CPF is open to him: it is fed every year, in hours - and not in euros. If he wishes to use the rights he had previously acquired in euros, he can convert them into hours so that he can use them in accordance with civil service rules.

In all cases, if the employee claims all his pension rights, his CPF is in principle closed.

Finally, know two things:

Your CPF money cannot be placed in the bank or transferred to a relative

And you should never give your identity and social security number to a suspect organization.

(Key Points)

- You keep your CPF money throughout your working life

- This money is only used to finance your future training

You keep it even if:

- You change employer

- You are signing up for Pôle emploi

- You are joining the public service