After attaining 58 years of age the employee, EPS Contribution (By the employer) will be added or not. Kindly suggest. Regards, Srinivasa Rao Ch.,
From India, Rajahmundry
From India, Rajahmundry
Hi, When an employee crosses 58 years of age and is in service EPS membership ceases on completion of 58 years. The Pension Contribution @8.33% is to be added to the Employer Share of PF.
From India, Madras
942From India, Madras
Hi,
The employer has to stop EPS contribution after employee crosses 58 yrs of age. If employer continues EPS contribution after 58, PF will not sou motto stop EPS credits and then employee will have problems while applying for EPS Pension.
My one doubt is, will EPS contribution be made in the wage month when employee attains 58yrs, or will it be stopped in the previous wage month?
Eg. Date reaching 58yrs: 10 Feb 24. so will EPS contribution be done for wage month Feb 24?
From India, Kochi
The employer has to stop EPS contribution after employee crosses 58 yrs of age. If employer continues EPS contribution after 58, PF will not sou motto stop EPS credits and then employee will have problems while applying for EPS Pension.
My one doubt is, will EPS contribution be made in the wage month when employee attains 58yrs, or will it be stopped in the previous wage month?
Eg. Date reaching 58yrs: 10 Feb 24. so will EPS contribution be done for wage month Feb 24?
From India, Kochi
By a circular issued in the year 2016 by the EPFO, there is a provision for deferment of pension up to the age of 60 years, both with or without contribution. If one opts for deferment of pension with contribution, his EPS contribution will be continuing till the age of 60 years.
From India, Delhi
From India, Delhi
@Arun
If the date of attaining 58 years of age is 10th February 2024, you have to calculate the Pension Fund contribution for ten days in February 2024 and pay it. From 11th onwards, he may become either as excluded employee or may continue with PF only. In the latter case, the PF of the employer for the period since 11th February should be paid only in PF account.
From India, Kannur
If the date of attaining 58 years of age is 10th February 2024, you have to calculate the Pension Fund contribution for ten days in February 2024 and pay it. From 11th onwards, he may become either as excluded employee or may continue with PF only. In the latter case, the PF of the employer for the period since 11th February should be paid only in PF account.
From India, Kannur
After attaining 58 years and still wanting to continue service, the management can pay the PF contribution to the employee and employer and not the pension contribution. Pension will be paid after attaining 58 years. That means both the employee and employer's contribution of EPF allowed and admitted and not Pension.
From India, Coimbatore
From India, Coimbatore
Yes indeed there is such an EPFO Circular about deferring pension as brought out by @Dr. Kamlesh. Based on an experience in my organization i think, leave aside employee & employer, even people in EPFO organisation, don't know about it!!. One of our employee found out about this circular and opted for deferring pension till Age 60 "with Contribution". We had sent the relevant forms by registered post AD and also by email. He retired in Jul 23 and his pension case for promptly rejected by EPFO stating EPS contribution done beyond Age 58. We of course replied with documentary evidence (including acknowledgement card returned by EPFO). Unfortunately the person is yet to receive his pension!! The retired employee has been lodging grievance after grievance but the situation is status quo. There is a huge gap between EPFOs' own circulars and their implementation.
From India, Kochi
From India, Kochi
Reference circular dated 25-04-2016 employee can opt for contribution to PF and Pension till attaining the age of 60 years.
From India, Pune
From India, Pune
@Arun, the order opting for deferring pension and thereby getting some 4% and 8% additional amount as pension is attached. there were two options, one to contribute to Pension till 60 years and then start getting pension and the second option was to defer pension without contribution. The same is not in effect, I understand because there was a time limit specified for giving option and it should have ended long back. Please go through the circular attached.
From India, Kannur
From India, Kannur
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Retirement Age Calculator 58 years.xls
Retirement Age Of Workmen Changed To Sixty Years.pdf