What is the law in India with respect to retirement. Can the employee continue after retirement age as he was doing earlier or is it mandatory to have the person on contract post retirement.
Also I have read that the employer only contributes 8.33% to PF instead of 12% after retirement.
From India, Delhi
Also I have read that the employer only contributes 8.33% to PF instead of 12% after retirement.
From India, Delhi
Hi,
In India the retirement age is between 58 and 60 years in the private sector.
After retirement it is better to enter into a separate employment contract preferably as a Consultant without any statutory liabilities.
After 58 years, the Pension contribution 8.33 % cannot be continued. But PF 12% can be continued.
From India, Madras
947In India the retirement age is between 58 and 60 years in the private sector.
After retirement it is better to enter into a separate employment contract preferably as a Consultant without any statutory liabilities.
After 58 years, the Pension contribution 8.33 % cannot be continued. But PF 12% can be continued.
From India, Madras
The retirement age in private establishments is decided by the respective company and it will be evidenced by the Standing Orders of the company or the appointment order issued to the employee.
Post retirement service or extension of service shall be either after settlement of dues pertaining to the actual service or in continuation of the service.
Reappointing a retired employee as a consultant is a foolish act because a consultant is one from whom specialised service is obtained. A consultant is not expected to follow the office timing, hours of work, leaves, and other HR policies applicable to the employees of the company. Therefore, keeping a retired employee as a consultant is not a solution. But you can re appoint him on a fixed term contract for a few years. Obviously, all benefits available to an employee should be extended to such persons also.
After 58 years of age ( not necessarily after retirement) the employer contribution to Pension Fund at the rate of 8.33% of the PF qualifying salary will not be made by the employer BUT he should contribute the entire 12% to the Provident fund of the employee, ie, the same contribution but without bifurcating it as 8.33% to Pension Fund and the remaining 3.67% to Provident fund.
From India, Kannur
Post retirement service or extension of service shall be either after settlement of dues pertaining to the actual service or in continuation of the service.
Reappointing a retired employee as a consultant is a foolish act because a consultant is one from whom specialised service is obtained. A consultant is not expected to follow the office timing, hours of work, leaves, and other HR policies applicable to the employees of the company. Therefore, keeping a retired employee as a consultant is not a solution. But you can re appoint him on a fixed term contract for a few years. Obviously, all benefits available to an employee should be extended to such persons also.
After 58 years of age ( not necessarily after retirement) the employer contribution to Pension Fund at the rate of 8.33% of the PF qualifying salary will not be made by the employer BUT he should contribute the entire 12% to the Provident fund of the employee, ie, the same contribution but without bifurcating it as 8.33% to Pension Fund and the remaining 3.67% to Provident fund.
From India, Kannur
There is no fixed retirement age in India, there is no parity in retirement age because different organization have their own norms. But traditionally it was 58 and some employer made it 60 years.
There is nothing wrong in put one in job after retirement, if is in better health.
As per EPF the age is 58 years, but continues to receive the contribution without EPS.
The HR with acrobatic nature can balance between the lines of rules and law in his favour.
From India, Mumbai
There is nothing wrong in put one in job after retirement, if is in better health.
As per EPF the age is 58 years, but continues to receive the contribution without EPS.
The HR with acrobatic nature can balance between the lines of rules and law in his favour.
From India, Mumbai
In India, the retirement age varies depending on the type of employment and the specific rules set by the employer or the governing authority. Generally, the retirement age for government employees is 60 years, while it may vary for employees in the private sector.
Once an employee reaches retirement age, they are typically required to retire from their regular employment. However, it is possible for an employee to continue working after retirement, subject to certain conditions. In such cases, the employee may be rehired on a contract basis or engaged as a consultant, depending on the employer's policies.
Regarding the provident fund (PF) contribution, the employer's obligation to contribute 12% of the employee's basic salary towards the PF generally continues even after retirement. However, there may be cases where the employer contribution is limited to 8.33% of the pensionable salary, subject to a maximum amount, as per the rules of the Employees' Pension Scheme (EPS). The remaining 3.67% may still be contributed to the Employee Provident Fund (EPF).
It is important to note that employment laws and regulations can be subject to updates and amendments, so it is advisable to consult the relevant authorities or seek legal advice for the most up-to-date and accurate information specific to your situation.
From India, Dombivali
Once an employee reaches retirement age, they are typically required to retire from their regular employment. However, it is possible for an employee to continue working after retirement, subject to certain conditions. In such cases, the employee may be rehired on a contract basis or engaged as a consultant, depending on the employer's policies.
Regarding the provident fund (PF) contribution, the employer's obligation to contribute 12% of the employee's basic salary towards the PF generally continues even after retirement. However, there may be cases where the employer contribution is limited to 8.33% of the pensionable salary, subject to a maximum amount, as per the rules of the Employees' Pension Scheme (EPS). The remaining 3.67% may still be contributed to the Employee Provident Fund (EPF).
It is important to note that employment laws and regulations can be subject to updates and amendments, so it is advisable to consult the relevant authorities or seek legal advice for the most up-to-date and accurate information specific to your situation.
From India, Dombivali
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