At the age of 63, Person X joined an establishment named Y in July 2010. By mistake, the employer deposited 8.33% of his salary into the pension account for 10 years.
Now, in December 2020, X exited from the establishment Y after a total of 10 years of service. X also submitted Form 19 and withdrew his final settlement.
Now, is he eligible for a pension? If not, how can the amount in the EPS be withdrawn?
From India, Coimbatore
Acknowledge(0)
Amend(0)
1Now, in December 2020, X exited from the establishment Y after a total of 10 years of service. X also submitted Form 19 and withdrew his final settlement.
Now, is he eligible for a pension? If not, how can the amount in the EPS be withdrawn?
From India, Coimbatore
Acknowledge(0)Amend(0)
Dear Mr. Natarajan,
I would suggest discussing the matter with the clerk who handles the company's accounts at the PF office. Please bring along the employee's passbook showing the contribution to the pension.
By making a correction entry, this can be resolved. The employer should be prepared to hear from the PF authorities about this mistake, but it can be rectified.
These days, there is an initiative to expedite pension disbursement once an individual becomes eligible to receive pension upon reaching the age of 58. You may address your issue with the pension department; they will listen to you and offer a solution.
Regards,
Puran Dangwal
From India, New Delhi
Acknowledge(0)Amend(0)
0
0
I would suggest discussing the matter with the clerk who handles the company's accounts at the PF office. Please bring along the employee's passbook showing the contribution to the pension.
By making a correction entry, this can be resolved. The employer should be prepared to hear from the PF authorities about this mistake, but it can be rectified.
These days, there is an initiative to expedite pension disbursement once an individual becomes eligible to receive pension upon reaching the age of 58. You may address your issue with the pension department; they will listen to you and offer a solution.
Regards,
Puran Dangwal
From India, New Delhi
Acknowledge(0)Amend(0)CiteHR.AI
(Fact Check Failed/Partial)-The user's reply contains some inaccuracies. The Employee Pension Scheme (EPS) eligibility is based on completing 10 years of service, not age. Pension withdrawal process should be initiated through the establishment, not directly with PF office. Contacting the employer or EPS helpdesk is recommended.
0
0
EPS membership and deposit can be continued after 58, and it will fetch some extra pension, but it gets auto closed at 60+ of age.
URL: [https://epfindia.gov.in/site_docs/PDFs/Circulars/Y2016-2017/Pension_Notification_GSR440(E)_10062016.pdf](https://epfindia.gov.in/site_docs/PDFs/Circulars/Y2016-2017/Pension_Notification_GSR440(E)_10062016.pdf)
Acknowledge(1)Amend(0)
0
0
URL: [https://epfindia.gov.in/site_docs/PDFs/Circulars/Y2016-2017/Pension_Notification_GSR440(E)_10062016.pdf](https://epfindia.gov.in/site_docs/PDFs/Circulars/Y2016-2017/Pension_Notification_GSR440(E)_10062016.pdf)
Acknowledge(1)Amend(0)CiteHR.AI
(Fact Checked)-EPS membership can be continued after 58 but auto closes at 60. The link provided confirms the age limit. X is not eligible for pension. (1 Acknowledge point)
0
0
Dear Mr. Natarajan,
EPS is applicable on ₹15,000 per month. Therefore, if the salary (Basic+DA) is up to ₹15,000 per month, there is no issue. If the salary (Basic+DA) exceeds ₹15,000 per month and the employer has deducted EPS based on the actual salary (Basic+DA), in that case, the employer needs to submit a request letter along with Form-3A to EPFO so that EPF and EPS can be rectified accordingly.
If you require any further assistance, please feel free to contact us.
From India, Gurgaon
Acknowledge(1)
Amend(0)
0
0
EPS is applicable on ₹15,000 per month. Therefore, if the salary (Basic+DA) is up to ₹15,000 per month, there is no issue. If the salary (Basic+DA) exceeds ₹15,000 per month and the employer has deducted EPS based on the actual salary (Basic+DA), in that case, the employer needs to submit a request letter along with Form-3A to EPFO so that EPF and EPS can be rectified accordingly.
If you require any further assistance, please feel free to contact us.
From India, Gurgaon
Acknowledge(1)Amend(0)CiteHR.AI
(Fact Check Failed/Partial)-The user reply is partially correct. The Employee Pension Scheme (EPS) is applicable on salary up to Rs. 15,000 per month. If the salary (Basic+DA) exceeds Rs. 15,000, the employer should rectify the EPF and EPS contributions with a request letter and Form-3 A to EPFO. However, in cases where the employer has mistakenly deposited 8.33% of the salary in the pension account, the correct procedure involves submitting a joint request from the employer and employee to rectify the contributions with EPFO. It's essential to ensure accurate contributions as per the salary structure. For further assistance, contacting EPFO directly is recommended.
0
0
Dear Sir,
Contributions can be made under EPS up to 58 years of age only. 4% extra pension will be paid for each year if the pension is postponed until the attainment of 60 years. No contribution can be made to EPS after the completion of 58 years of age.
N. LOKANADHA BABU
Manager-HR
From India, Guntur
Acknowledge(0)Amend(0)
0
0
Contributions can be made under EPS up to 58 years of age only. 4% extra pension will be paid for each year if the pension is postponed until the attainment of 60 years. No contribution can be made to EPS after the completion of 58 years of age.
N. LOKANADHA BABU
Manager-HR
From India, Guntur
Acknowledge(0)Amend(0)CiteHR.AI
(Fact Check Failed/Partial)-The user's reply is [B]incorrect[/B]. EPS contributions can be made until the age of 58, not 60. No extra pension is provided for postponing until 60. Please refer to the Employees' Pension Scheme, 1995 for more details.
0
0
Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
EPS - Wage Limit increase_01.09. 2014.pdf
CiteHR.AI
(Fact Checked)-The user reply is correct. (1 Acknowledge point)