Dear there,
I would like to know if there is a standard or common practice for the retirement age in Noida/UP? (non-manufacturing company)
Can we still hire the employee after his/her retirement? And how's about the monthly PF contribution?
Thank you very much.
Br
Ashia
From Canada, Calgary
I would like to know if there is a standard or common practice for the retirement age in Noida/UP? (non-manufacturing company)
Can we still hire the employee after his/her retirement? And how's about the monthly PF contribution?
Thank you very much.
Br
Ashia
From Canada, Calgary
The retirement age depends on the company policy. The policy regarding engagement of retired employees also depends on the respective establishment. Only thing to be noted is that if the employee is serving even after the retirement age fixed under the Pension Scheme of Provident Fund, ie, 58 years, the contribution payable by the employer, ie, 12% shall be paid only to PF account without bifurcating it as 8.33% to Pension Fund and the remaining 3.67% to PF. If an employee aged above 58 is hired, you should follow the same principle. However, if an employee who has already withdrawn his PF accumulations and is getting PF pension is hired, you can declare him as an excluded employee and no need to pay it. Retired government servants, those retired from the indian Railways etc who are getting pension but not pension from the EPFO are to be covered if they are given employment in your establishment. In their case also the contribution payable by the employer should not be bifurcated but the entire 12 % should be paid to PF only.
From India, Kannur
4249From India, Kannur
Noida area, I believe most companies have a 60 years retirement age.
This would be for large factories with proper processes and certified standing orders.
For smaller SME, the age of retirement would depend on how they value that person...
So I don't think this question can be answered as such
From India, Mumbai
This would be for large factories with proper processes and certified standing orders.
For smaller SME, the age of retirement would depend on how they value that person...
So I don't think this question can be answered as such
From India, Mumbai
Dear Sir. Madhu.T.K，
Thank you for your valuable information!
One thing I have query is for "an employee who has already withdrawn his PF accumulations" -- the PF accumulations is referring to the PF account part?
And "getting PF pension" is referring to get the PF pension amount from Pension account, right?
Appreciated for the help!
Best Regards,
Ashia
From Canada, Calgary
Thank you for your valuable information!
One thing I have query is for "an employee who has already withdrawn his PF accumulations" -- the PF accumulations is referring to the PF account part?
And "getting PF pension" is referring to get the PF pension amount from Pension account, right?
Appreciated for the help!
Best Regards,
Ashia
From Canada, Calgary
Dear Sir. Saswata, Thank you for the inputs! So for SMEs, we can decide different retirement age for different persons? Or should set a fixed rule for all employees? Best Regards, Ashia
From Canada, Calgary
From Canada, Calgary
"an employee who has already withdrawn his PF accumulations" means withdrawal of PF accumulations on attaining the age of 58 and partial withdrawal for any reason. Person getting PF pension means a member of provident getting pension from the EPFO after attaining the age of 58.
From India, Kannur
From India, Kannur
Ashia
If you are not under Standing Orders (which applies to an establishment that has 50 or more employees), you are free to set your retirement age. If you are under standing orders, then you need to follow the Model Standing Orders (or your own Certified Standing Orders).
The above is an internal decision, the impact of PF as explained above is different and independent of this decision as such. You can have a different age in PF and in your internal processes
From India, Mumbai
If you are not under Standing Orders (which applies to an establishment that has 50 or more employees), you are free to set your retirement age. If you are under standing orders, then you need to follow the Model Standing Orders (or your own Certified Standing Orders).
The above is an internal decision, the impact of PF as explained above is different and independent of this decision as such. You can have a different age in PF and in your internal processes
From India, Mumbai
Guys, i am working in a Co-op. Credit society Ltd, now my organisation want to amend 2 different retirement policy at age 60 for all employees and at age 63 for MD & Operations Manager. I am confused that is it possible to do so will it wont create issue among other who are retiring at the age of 60. Please need legal opinion if possible in regard to Labour Law.
From India, Mumbai
From India, Mumbai
Cooperative Credit Societies will be having separate bye laws. Still, if the management/ board of directors decides that the managers and top managerial personnel who are not within the purview of these bye laws and the Industrial Disputes Act be governed by separate rules, that can be enforced.
From India, Kannur
From India, Kannur
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