please clarify whether payment of PF is mandatory for the employee whose is on contract and has cross 60 yrs age. Regards Usha
From India, New Delhi
Contributing Member
4From India, New Delhi
Contributing Member
Dear Usha ji,
There is no age limit in PF. As long as employee is in service you need to deduct his PF and remit it in the PF account even though the employee is on contract / contractual.
After 58, the both the shares are credited in PF account no. 1.
From India, Mumbai
Most Appreciated Member
There is no age limit in PF. As long as employee is in service you need to deduct his PF and remit it in the PF account even though the employee is on contract / contractual.
After 58, the both the shares are credited in PF account no. 1.
From India, Mumbai
Most Appreciated Member
Dear Apparao23,
Contribution towards pension stop at 58. Pension is contributed by employer.
After 58, both employee and employer share goes in to PF account only. There is no stoppage of PF at 58. PF continuous till employee continue with employment.
From India, Mumbai
Most Appreciated Member
Contribution towards pension stop at 58. Pension is contributed by employer.
After 58, both employee and employer share goes in to PF account only. There is no stoppage of PF at 58. PF continuous till employee continue with employment.
From India, Mumbai
Most Appreciated Member
If the employee was earlier a PF member and he has withdrawn the full amount of accumulations in the PF after his retirement is not to be covered in EPF again.(see para 26).But a person retired from govt service is employed in Co where EPF is applicable he shall be covered.He will not be covered in pension scheme after 58 years.
VARGHESE MATHEW
From India, Thiruvananthapuram
Most Appreciated Member
VARGHESE MATHEW
From India, Thiruvananthapuram
Most Appreciated Member
Dear Varghese ji,
Thank you very much for differing with me. This kind of issues are very uncommon. I recollect something like what you are saying.
I need to study Para 26 again and interpret it correctly. I need some time since I am not in a position to look in to it by tomorrow afternoon / evening.
This is the way we learn. I once again appreciate your response.
From India, Mumbai
Most Appreciated Member
Thank you very much for differing with me. This kind of issues are very uncommon. I recollect something like what you are saying.
I need to study Para 26 again and interpret it correctly. I need some time since I am not in a position to look in to it by tomorrow afternoon / evening.
This is the way we learn. I once again appreciate your response.
From India, Mumbai
Most Appreciated Member
I hope this helps... Freshers remember this useful PF Calculation Info -
Provident Fund % & A/c No.
Employee 12%
Employer 13.61%
Contribution:
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Total 25.61%
From India, Madras
Contributing Member
Provident Fund % & A/c No.
Employee 12%
Employer 13.61%
Contribution:
3.67% = Provident Fund (A/c No.1)
8.33% = Pension Fund (A/c No.10)
0.5% = EDLIS -Employees Direct Linked Insurance Scheme (A/c No.21)
Administrative Charges:
1.10% of emoluments = Provident Fund (A/c No.2)
0.01% of emoluments = EDLIS (A/c No.22)
Total 25.61%
From India, Madras
Contributing Member
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Mandatory submission of bank account details of PF members 17.9.2014.pdf