I have a employee who has attained age of 58 as on December 2018, now the question arise that should i continue deducting PF or ESIC from his salary or not !!
If Yes then all the amount will go to PF only not in Pension Scheme ??
Another question is that he hasn't completed his 10 years for getting pension so now his full amount can be withdrawn or not ??
From India, Kanpur
6If Yes then all the amount will go to PF only not in Pension Scheme ??
Another question is that he hasn't completed his 10 years for getting pension so now his full amount can be withdrawn or not ??
From India, Kanpur
unless the employee leaves / retires from the payroll, the deduction will continue,
after 58 the a/c 10 is closed normally, but the employee can opt to continue till (4 x 6 months) 2 yrs, it will increase his pension eligibility / amount
after 58 the a/c 10 is closed normally, but the employee can opt to continue till (4 x 6 months) 2 yrs, it will increase his pension eligibility / amount
In my case my employee has completed 58 years of age and his pension years are 8 years so now the thing which he is asking is that
IS IT COMPULSORY NOW TO DEDUCT PF & ESIC ??
AND WILL DEDUCTION HELP HIM IN GETTING PENSION ??
And for myself if i continue deduction, 8.33%(of pension portion) will automatically be deposited in his PF or i have to make any changes for him ??
From India, Kanpur
IS IT COMPULSORY NOW TO DEDUCT PF & ESIC ??
AND WILL DEDUCTION HELP HIM IN GETTING PENSION ??
And for myself if i continue deduction, 8.33%(of pension portion) will automatically be deposited in his PF or i have to make any changes for him ??
From India, Kanpur
eps (a/c 10) contribution can be done up to 62 of age, but with mutual understanding of employer and employee both,
this increase the pension eligibility and amount both,
if anyone disagree then 58 + ceiling is to be maintained and whole amount would be paid to a/c no 1,
this increase the pension eligibility and amount both,
if anyone disagree then 58 + ceiling is to be maintained and whole amount would be paid to a/c no 1,
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