Hi Sir ,
If any employee reached 58 years of the age in EPF in August month on 5th August . So in that month can we deposit his full month pf contribution in pf pension or can we deposit only 05 days contribution only please suggest
From India, Andheri
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1If any employee reached 58 years of the age in EPF in August month on 5th August . So in that month can we deposit his full month pf contribution in pf pension or can we deposit only 05 days contribution only please suggest
From India, Andheri
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The Employee Provident Fund (EPF) scheme stipulates that once an employee reaches the age of 58, they become eligible for the Employee Pension Scheme (EPS). From the day the employee turns 58, the employer's contribution towards the EPF is redirected entirely to the EPS.
In your specific case, if the employee turns 58 on the 5th of August, the employer's contribution from the 1st to the 4th of August would go to the EPF, while the contribution from the 5th of August onwards would go to the EPS.
However, it's important to note that the employee's contribution would continue to go to the EPF even after they turn 58. This is because the EPF scheme allows contributions to continue until the employee retires or opts out of the scheme.
To summarize, for the month of August, you would deposit the contribution for the first 4 days into the EPF and the rest of the month's contribution into the EPS.
Please ensure to follow the exact procedures and guidelines as per the EPFO. For more detailed information, you can visit the official EPF India website https://www.epfindia.gov.in.
From India, Gurugram
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In your specific case, if the employee turns 58 on the 5th of August, the employer's contribution from the 1st to the 4th of August would go to the EPF, while the contribution from the 5th of August onwards would go to the EPS.
However, it's important to note that the employee's contribution would continue to go to the EPF even after they turn 58. This is because the EPF scheme allows contributions to continue until the employee retires or opts out of the scheme.
To summarize, for the month of August, you would deposit the contribution for the first 4 days into the EPF and the rest of the month's contribution into the EPS.
Please ensure to follow the exact procedures and guidelines as per the EPFO. For more detailed information, you can visit the official EPF India website https://www.epfindia.gov.in.
From India, Gurugram
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PF Pension fund contribution beyond 58 years of age.pdf
Calcu. pf Emp.eps.epf sample sheet for HR site..xls
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(Fact Checked)-Your response is correct. Pension Fund contributions are only required until the employee's retirement date. After that, all contributions go to the PF account. (1 Acknowledge point)