Dear All,
It is for your information & for your further advice that 5 employees are working in our factory & completed their age 58 yrs on 10/04/2013,01/05/2013 etc. may i know that they will be treated retired employees or not. I have want to continue the service on same employees code, it is possible or not,
as per our friend at the time of uploaded the ECR that PF program is separate the pf in their PF account in place of EPS automatically.cause date of birth is already in ECR.
From Netherlands
1It is for your information & for your further advice that 5 employees are working in our factory & completed their age 58 yrs on 10/04/2013,01/05/2013 etc. may i know that they will be treated retired employees or not. I have want to continue the service on same employees code, it is possible or not,
as per our friend at the time of uploaded the ECR that PF program is separate the pf in their PF account in place of EPS automatically.cause date of birth is already in ECR.
From Netherlands
Dear Rajendra,
In this case as the employee will be completing 58 years of age; the employer share cannot be contributed toward EPS. Remember that Rs. 581.00 (8.33%) from employers' side which used to be credited every month in EPS will not be contributed anymore. Hence, EPF software will automatically calculate and contribute only to EPF scheme. Under EPS scheme the age of retirement stands at 58.
For more understanding please refer sections 6 to 12 of Employees' Pension Scheme (EPS), 1995.
Warm regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)
From India, Delhi
In this case as the employee will be completing 58 years of age; the employer share cannot be contributed toward EPS. Remember that Rs. 581.00 (8.33%) from employers' side which used to be credited every month in EPS will not be contributed anymore. Hence, EPF software will automatically calculate and contribute only to EPF scheme. Under EPS scheme the age of retirement stands at 58.
For more understanding please refer sections 6 to 12 of Employees' Pension Scheme (EPS), 1995.
Warm regards,
Umesh Chaudhary
(welcomeumesh@yahoo.com)
From India, Delhi
Your doubt seems to be that merely because those five employees attained the age of 58 years and consequently cease to be members of the pension scheme, they should be treated as retired as they draw superannutaion pension. Retirement or superannuation from servcie is not dependent up on the cessation of an employee's membership of pension on reaching the age of 58 years. It is governed by the servcie conditions of the employee which stipulates the age of retirment . For example, if the servcie conditions of the employees whether in the form of standing orders/service rules or settlments stipulate 60 years as the age of superannuation, an employee shall contnue to be in employment till he reaches the age of sixty years, theough he may not continue to be member of pension scheme on reaching 58 years and drawing superannuation pension after 58 years while being in employment.
B.Saikumar
HR & labour Law Advsor
Mumbai
From India, Mumbai
B.Saikumar
HR & labour Law Advsor
Mumbai
From India, Mumbai
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Provident fund.zip
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