As per the PF Act, if an employee reaches 58 years of age, will the deposit in the pension fund continue?
Ans: No, after turning 58, the entire fund will be deposited into the PF accounts, not the Family Pension fund.
If an employee is engaged in any establishment after reaching the superannuation age of 60 years, is EPF deposit mandatory?
Ans: EPF deposit is not mandatory after 60 years of service.
Sanjay Tiwari
From India, New Delhi
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4Ans: No, after turning 58, the entire fund will be deposited into the PF accounts, not the Family Pension fund.
If an employee is engaged in any establishment after reaching the superannuation age of 60 years, is EPF deposit mandatory?
Ans: EPF deposit is not mandatory after 60 years of service.
Sanjay Tiwari
From India, New Delhi
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Hi,
According to EPFO guidelines, an employee shall cease to be a member of the 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 until the date of his or her leaving the service, irrespective of the age of the member. Overall, the contribution can continue if the member is a full-time employee on a company's payroll. Employees who cease to be EPS (pension) members (as defined above) will get the employer's 8.33% contribution in PF.
From India, Madras
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According to EPFO guidelines, an employee shall cease to be a member of the 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 until the date of his or her leaving the service, irrespective of the age of the member. Overall, the contribution can continue if the member is a full-time employee on a company's payroll. Employees who cease to be EPS (pension) members (as defined above) will get the employer's 8.33% contribution in PF.
From India, Madras
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Your understanding about the 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 the PF account rather than bifurcating the same as 8.33% to the Pension Fund and the remaining, i.e., 3.67% to PF. However, if the employee desires to defer his pension, he can contribute to the Pension Fund until he attains 60 years of age. By deferring to take the pension, he can also get an increased pension.
There is no superannuation age for the Provident Fund. If an employee joins your organization 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. An employee who has never been a member of PF, if employed in your company on a salary of not more than Rs 15,000, should be covered by EPF irrespective of his age. Similarly, a person drawing a pension to exclude from the coverage of EPF means a person drawing a pension from the Employees Provident Fund Organization 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
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There is no superannuation age for the Provident Fund. If an employee joins your organization 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. An employee who has never been a member of PF, if employed in your company on a salary of not more than Rs 15,000, should be covered by EPF irrespective of his age. Similarly, a person drawing a pension to exclude from the coverage of EPF means a person drawing a pension from the Employees Provident Fund Organization 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
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Can any one share me the new rule where an employee will be the retirement age from 58 to 60 yrs
From India, Mumbai
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From India, Mumbai
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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
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From India, Kannur
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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
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From India, Mumbai
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In the PF and Miscellaneous Act, it is clearly mentioned that after attaining the age of 58 years, there will be no contribution to the EPS account, but the entire amount should be deposited to EPF. Nowhere in the Act is it mentioned that upon attaining 60 years or any other age, there should be no contribution to EPF as well. Only in the case of excluded employees, as I mentioned in my earlier post, will there be no contribution to PF.
Suppose a person was in business throughout his life and at the age of 60, he joined an organization with a PF gross of 15,000/- or below per month; in that case, he will be covered under EPF only.
For those who disagree, I request them to refer to the circular or section under the act that supports their demand.
Wrong postings can be confusing, especially for 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
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Suppose a person was in business throughout his life and at the age of 60, he joined an organization with a PF gross of 15,000/- or below per month; in that case, he will be covered under EPF only.
For those who disagree, I request them to refer to the circular or section under the act that supports their demand.
Wrong postings can be confusing, especially for young members who are learning from different posts.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531
From India, New Delhi
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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
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From India, Mumbai
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PF & Misc. Act clearly states that no contribution is to be deposited to the EPS Account after the age of 58. The entire contribution is to be deposited to the EPF Account. As per Sec-2 (ix) of The Employees' Pension scheme under explanation - An employee shall cease to be a member of the Pension Fund from the date of attaining 58 years of age.
There are no provisions mentioned for EPF. Therefore, irrespective of age, an employee may continue as a member of EPF. After attaining 58 years of age, EPF deductions can be made, and the entire amount is to be deposited in the EPF fund only - no EPS contribution.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531 skb@usdhrs.in USD HR Solutions – To strive towards excellence with effort and integrity
From India, New Delhi
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There are no provisions mentioned for EPF. Therefore, irrespective of age, an employee may continue as a member of EPF. After attaining 58 years of age, EPF deductions can be made, and the entire amount is to be deposited in the EPF fund only - no EPS contribution.
S K Bandyopadhyay (WB, Howrah) CEO-USD HR Solutions +91 98310 81531 skb@usdhrs.in USD HR Solutions – To strive towards excellence with effort and integrity
From India, New Delhi
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