Hi Seniors,Experts & Friends,
I am working in a Pvt. Ltd. Company as a HR Executive for few months and facing a lot of faults in EPF of employees. My recent problem is of two types
1. While going through the EPF of employees I found that there are few employees whose age has attained more than 10 years of subscription but still their contribution for pension fund is being deposited in their EPS A/C.
2. As per my knowledge PF contribution to employees Pension fund contribution will be ceased on the completion of 58 years of age or 10 years of subscription whichever is earlier even though few of our employees completed their 58 years and have attained already 10 years of their subscription.
PLZzzzz help and guide me.................
Thanks & Regards
Ankita
Executive HR
From India, Patna
147I am working in a Pvt. Ltd. Company as a HR Executive for few months and facing a lot of faults in EPF of employees. My recent problem is of two types
1. While going through the EPF of employees I found that there are few employees whose age has attained more than 10 years of subscription but still their contribution for pension fund is being deposited in their EPS A/C.
2. As per my knowledge PF contribution to employees Pension fund contribution will be ceased on the completion of 58 years of age or 10 years of subscription whichever is earlier even though few of our employees completed their 58 years and have attained already 10 years of their subscription.
PLZzzzz help and guide me.................
Thanks & Regards
Ankita
Executive HR
From India, Patna
Dear Ankita,
As regards EPF Subscription,the eligibility criteria for pension is minimum 10yrs continuous membership. Further, as number of years membership increases the amount of pension will also increase. The retirement age of any employee is 58yrs. Accordingly ,the PF membership ceased on attaining the age of superannuation.
From India, Gandhidham
As regards EPF Subscription,the eligibility criteria for pension is minimum 10yrs continuous membership. Further, as number of years membership increases the amount of pension will also increase. The retirement age of any employee is 58yrs. Accordingly ,the PF membership ceased on attaining the age of superannuation.
From India, Gandhidham
Dear Seniors,
What should i do for those employees who has attained 10 years of subscription and completed their 58 years of age.
For more information hereby i am attaching a sample copy
Thanks
Ankita
From India, Patna
What should i do for those employees who has attained 10 years of subscription and completed their 58 years of age.
For more information hereby i am attaching a sample copy
Thanks
Ankita
From India, Patna
After attaining the of 58 years,employee will be required to withdraw his PF accumulations and also get pension benefit as he has completed 10yrs of his pensionable service.
His employment in the organization will continue as an excluded employee as defined under EPF Scheme 1952.
"Exclude Employee" as defined under pare 2(f) of the Employees' Provident Fund Scheme means an employee who having been a member of the fund has withdraw the full amount of accumulation in the fund on retirement from service after attaining the age of 55 years."
As an excluded employee there will be no deduction of PF contribution from his salary.
From India, Gandhidham
His employment in the organization will continue as an excluded employee as defined under EPF Scheme 1952.
"Exclude Employee" as defined under pare 2(f) of the Employees' Provident Fund Scheme means an employee who having been a member of the fund has withdraw the full amount of accumulation in the fund on retirement from service after attaining the age of 55 years."
As an excluded employee there will be no deduction of PF contribution from his salary.
From India, Gandhidham
Dear Ankita,
Contribution in EPS of an employee is mandatory till he completes that age of 58 years.There is no conditon that 10 Years contrubution is limit for EPS.
The condition of 10 Yeras is for ceiling withdrawal of EPS amount only.
Mangesh Wakodkar
Aurangabd
From India, Pune
Contribution in EPS of an employee is mandatory till he completes that age of 58 years.There is no conditon that 10 Years contrubution is limit for EPS.
The condition of 10 Yeras is for ceiling withdrawal of EPS amount only.
Mangesh Wakodkar
Aurangabd
From India, Pune
After 58 yrs, the entire contribution of EPF by employer will be deposited in the account of PF of employees but not in EPS account. Pon
From India, Lucknow
From India, Lucknow
Hi Seniors & Friend z
Name of Employees A B
Basic Salary 6500 6000
Ee Cont(12%) 780 720
Er Cont (3.67%) 239 220
Er Cont (8.33%) 0 500
In case of Ee A he has completed 58 years of age and having 10 years of service
In Case of Ee B he has not completed 58 years of age but having 11 years of service
My query is what should i write in Er contribution 8.33% in ECR format
Thanks
Ankita
From India, Patna
Name of Employees A B
Basic Salary 6500 6000
Ee Cont(12%) 780 720
Er Cont (3.67%) 239 220
Er Cont (8.33%) 0 500
In case of Ee A he has completed 58 years of age and having 10 years of service
In Case of Ee B he has not completed 58 years of age but having 11 years of service
My query is what should i write in Er contribution 8.33% in ECR format
Thanks
Ankita
From India, Patna
I think there no age limit for EPF Contribution. It is only for pension. Regards B.D Purohit Noida
From India, Delhi
From India, Delhi
Employee A who has attained age of 58 years :
you should write "o" wages in EPS wages in ECR Format. No contribution will be made in EPS Account for employee A.
Employee B who has not completed age of 58 years :
You should do same as normal EPS Calculation for employee B.
Because according to rule after attaining age of 58, no employee can contribute in EPS.
And contribution in EPS for 10 years and more make liable that employee for Pension Scheme, that's it.
Hope it will help you, if not mail me will try to sort out things more convincingly.
From India, Jaipur
you should write "o" wages in EPS wages in ECR Format. No contribution will be made in EPS Account for employee A.
Employee B who has not completed age of 58 years :
You should do same as normal EPS Calculation for employee B.
Because according to rule after attaining age of 58, no employee can contribute in EPS.
And contribution in EPS for 10 years and more make liable that employee for Pension Scheme, that's it.
Hope it will help you, if not mail me will try to sort out things more convincingly.
From India, Jaipur
Dear Ankita,
For above case, you can write a letter to PF dept. to adjust the contribution in pf fund which has been deposited in pention fund.
as per as my concern the contribution which has been deposited in pention fund can not be adjusted after on line.
or
You have to deposit the contribution of those employees which has been short fall in pf fund.
Regards
Rajeev Kumar Saxena
From India, Madras
For above case, you can write a letter to PF dept. to adjust the contribution in pf fund which has been deposited in pention fund.
as per as my concern the contribution which has been deposited in pention fund can not be adjusted after on line.
or
You have to deposit the contribution of those employees which has been short fall in pf fund.
Regards
Rajeev Kumar Saxena
From India, Madras
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.
Plz do helping.doc
A guide to life.pps
EPS - Form No. 10-D Pension Claim Form Aadhaar.pdf