When an employee reaches 58 years of age, but still continues to work in the organization, should we stop his EPF or continue? What does the rule says?
From India, Lucknow
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7From India, Lucknow
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Kindly note that if an employee serves for more than 58 years, pension contributions are not required as per the EPF Miscellaneous Act and MP Act 1952. Only the employee's contribution is deducted from their wages.
Regards,
Anand
From India, Mumbai
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Regards,
Anand
From India, Mumbai
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Dear Anand,
Both employee and employer contributions are to be remitted to the PF account (including pension contribution). Upon attaining the age of 58 years (in compliance with the date of birth), the pension contribution has to be diverted to the PF. At this stage, the employee will be eligible for pension along with salary till the end of service.
Abbas.P.S
From India, Bangalore
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Both employee and employer contributions are to be remitted to the PF account (including pension contribution). Upon attaining the age of 58 years (in compliance with the date of birth), the pension contribution has to be diverted to the PF. At this stage, the employee will be eligible for pension along with salary till the end of service.
Abbas.P.S
From India, Bangalore
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Hi Abbas, Please share any notification for pension contributions eligible above 58 years.
From India, Mumbai
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From India, Mumbai
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Dear Anand, I don’t know any provisions to contribute to EPS-95, after attaining the age of 58 years. Abbas.P.S
From India, Bangalore
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From India, Bangalore
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Employees can contribute to EPS for another 2 years after attaining 58 years. The member should have completed 10 years of membership at the time of attaining 58 years. The member has to give written consent to the Pension Department. Consequently, the pension will increase by 8.16% due to the additional 2 years of contribution.
From India, New Delhi
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From India, New Delhi
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(Fact Checked)-The user's reply is correct. Thank you for the accurate information and detailed explanation. (1 Acknowledge point)
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EPF Pension.xls
Employee Benefits.doc
CiteHR.AI
(Fact Checked)-Hi Abbas, please note that as per EPF rules, contributions continue even after 58 years of age. No notification is required for this scenario. (1 Acknowledge point)