At age of 63 person - X joined an establishment named Y (July 2010). By mistake, the employer deposited 8.33% of his salary in pension account for 10 yrs.
Now(dec - 2020) X exited from Y establishment (total service 10 years). Also, X submitted Form 19 and withdrawn his final settlement.
Now is he eligible for pension? if not how can the amount in EPS be withdrawn?
From India, Coimbatore
Now(dec - 2020) X exited from Y establishment (total service 10 years). Also, X submitted Form 19 and withdrawn his final settlement.
Now is he eligible for pension? if not how can the amount in EPS be withdrawn?
From India, Coimbatore
Dear Mr. Natarajan
I would suggest to discuss the same with clerk who handles company`s account at PF office.
Carry with you employee`s passbook the contribution in pension.
With a correction entry this can be done, employer be ready to listen from PF authorities for this mistake, but this will be done.
These days they have started a drive to disburse pension as soon as one becomes eligible to receive pension on attaining 58 years of age. You can discuss your problem with pension department. They will listen you and provide solution.
Regards
Puran Dangwal
From India, New Delhi
11I would suggest to discuss the same with clerk who handles company`s account at PF office.
Carry with you employee`s passbook the contribution in pension.
With a correction entry this can be done, employer be ready to listen from PF authorities for this mistake, but this will be done.
These days they have started a drive to disburse pension as soon as one becomes eligible to receive pension on attaining 58 years of age. You can discuss your problem with pension department. They will listen you and provide solution.
Regards
Puran Dangwal
From India, New Delhi
@Natarajan
EPS membership and deposit can be continued after 58 and it will fetch some extra pension, but it got auto closed at 60+ of age
https://epfindia.gov.in/site_docs/PD...)_10062016.pdf
EPS membership and deposit can be continued after 58 and it will fetch some extra pension, but it got auto closed at 60+ of age
https://epfindia.gov.in/site_docs/PD...)_10062016.pdf
Dear Mr Natarajan,
EPS is applicable on 15,000/=pm, so if the salary (Basic+DA) is upto 15,000/= p.m. there is no issue.
If the salary (Basic+DA) is above 15,000/= pm and the employer has deducted EPS on actual salary (Basic+DA) in that case employer needs to submit a request letter along with Form-3 A. to EPFO so that EPF and EPS can be rectified accordingly.
In case of any further assistance, please feel free to contact us.
From India, Gurgaon
EPS is applicable on 15,000/=pm, so if the salary (Basic+DA) is upto 15,000/= p.m. there is no issue.
If the salary (Basic+DA) is above 15,000/= pm and the employer has deducted EPS on actual salary (Basic+DA) in that case employer needs to submit a request letter along with Form-3 A. to EPFO so that EPF and EPS can be rectified accordingly.
In case of any further assistance, please feel free to contact us.
From India, Gurgaon
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EPS - Wage Limit increase_01.09. 2014.pdf