As per PF Act
1. If an employee attended 58 years of age the deposit in pension fund shall be continued?
Ans: No, after 58 years the entire fund will be deposited in PF Accounts, not in Family Pension fund.
2. If any employee is engaged in any establishment after his superannuation age of 60 years,
whether EPF deposit is mandatory?
Ans: EPF deposit is not mandatory after 60 years of service.
Sanjay Tiwari
From India, New Delhi
21. If an employee attended 58 years of age the deposit in pension fund shall be continued?
Ans: No, after 58 years the entire fund will be deposited in PF Accounts, not in Family Pension fund.
2. If any employee is engaged in any establishment after his superannuation age of 60 years,
whether EPF deposit is mandatory?
Ans: EPF deposit is not mandatory after 60 years of service.
Sanjay Tiwari
From India, New Delhi
Hi,
According to EPFO guidelines, an employee shall cease to be the member of Pension Fund from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier. However, in cases of continuation of service, the employer needs to pay the Employees’ Provident Fund Contribution till the date of his or her leaving the service, irrespective of the age of the member. Overall, contribution can continue if the Member is the full-time employee on a company’s payroll. Employees who cease to be EPS (pension) members (as defined above) will get employer’s 8.33% contribution in PF.
From India, Madras
According to EPFO guidelines, an employee shall cease to be the member of Pension Fund from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier. However, in cases of continuation of service, the employer needs to pay the Employees’ Provident Fund Contribution till the date of his or her leaving the service, irrespective of the age of the member. Overall, contribution can continue if the Member is the full-time employee on a company’s payroll. Employees who cease to be EPS (pension) members (as defined above) will get employer’s 8.33% contribution in PF.
From India, Madras
Your understanding about Pension Fund is correct. After 58 years, if the employee is continuing in service, the entire share of 12% payable by the employer in respect of that employee shall be contributed only to PF account rather than bifurcating the same as 8.33% to Pension Fund and the remaining, ie, 3.67% to PF. However, if the employee desires to defer his Pension, he can contribute to Pension Fund till he attains 60 years of age. By deferring to take pension he can also get an increased pension.
There is no superannuation age for Provident Fund. As such, if an employee joins your organisation at the age of 60, whether to exclude him or not will depend upon certain other factors, like whether he is a Provident Fund Pensioner or not or whether he had withdrawn his PF accumulations or not. As such, an employee who has never been a member of PF, if employed in your company on a salary of not more than Rs 15000, should be covered by EPF irrespective of his age. Similarly, a person drawing pension to exclude from the coverage of EPF means a person drawing pension from Employees Provident Fund Organisation only and not from any government service pension. Therefore, if you employ a person who is a government pensioner or a railway pensioner, he should be given PF with sole contribution to PF only.
From India, Kannur
There is no superannuation age for Provident Fund. As such, if an employee joins your organisation at the age of 60, whether to exclude him or not will depend upon certain other factors, like whether he is a Provident Fund Pensioner or not or whether he had withdrawn his PF accumulations or not. As such, an employee who has never been a member of PF, if employed in your company on a salary of not more than Rs 15000, should be covered by EPF irrespective of his age. Similarly, a person drawing pension to exclude from the coverage of EPF means a person drawing pension from Employees Provident Fund Organisation only and not from any government service pension. Therefore, if you employ a person who is a government pensioner or a railway pensioner, he should be given PF with sole contribution to PF only.
From India, Kannur
Can any one share me the new rule where an employee will be the retirement age from 58 to 60 yrs
From India, Mumbai
From India, Mumbai
There is no such rule which extends your retirement age from 58 to 60. What I have discussed above is all about 'deferring' the PF pension. Please find the attachment.
From India, Kannur
From India, Kannur
Is there any latest notification on EPF pension related to the age bar. If you have can you please share me. Thanks Jayant
From India, Mumbai
From India, Mumbai
In PF and Misc. Act it is clearly mentioned that after attaining the age of 58 years , there will be no contribution to EPS Account but the entire amount should be deposited to EPF. IN the Act no where it is mentioned that attaining 60 years or any other years, no contribution to EPF also. Only in case of excluded employees as I mentioned to my earlier post , there will not be any contribution to PF.
Suppose a person was in business through out his life and at the age of 60 he has joined in an organization with PF Gross 15,000/- or below per month , he will be covered under EPF only.
Those who do not agree, requesting them to refer circular or section under the act in favor of the demand.
Wrong posting basically confused others specially to young members who are learning from different posts.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
Suppose a person was in business through out his life and at the age of 60 he has joined in an organization with PF Gross 15,000/- or below per month , he will be covered under EPF only.
Those who do not agree, requesting them to refer circular or section under the act in favor of the demand.
Wrong posting basically confused others specially to young members who are learning from different posts.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
Can any one share the notification or any thing that, how do we deduct the pf contribution of a worker after 58 yrs of age.
From India, Mumbai
From India, Mumbai
PF & Misc. act clearly said that no contribution to be deposited to EPS Account after 58 years of age. Entire contribution to be deposited to EPF Account. As per Sec-2 (ix) of The Employees' Pension scheme under explanation - An employee shall cease to be the member of Pension Fund from the date of attaining 58 years of Age ..........
There is no such provisions mentioned for EPF. Therefore, irrespective of age an employee may continue as member of EPF. After attaining 58 years of age EPF can be deducted and to be deposited the entire amount in EPF fund only - no EPS contribution.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
There is no such provisions mentioned for EPF. Therefore, irrespective of age an employee may continue as member of EPF. After attaining 58 years of age EPF can be deducted and to be deposited the entire amount in EPF fund only - no EPS contribution.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
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.
Employee Appraisal Form new.doc