I have a senior mgmt guy joining our board now. He is aged 59. His contract includes provident fund benefits.
I have the following doubts:
1. Whether he is eligible for PF as he is above 58 which is considered to be the retirement age.
2. If he is eligible for PF then whether he is eligible for pension fund? If no what will be deduction from his pay and what will be company contribution? or the whole 12% goes to PF??
there are certain sectors eg Banks, teaching etc where retirement age is 60 n 62.
normally if an empoyee retires at 58, he is normally engaged on contract on a consolidated sum minus the usual benefits eg travel, medical etc....
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