Dear All Seniors, He should be appointed as consultant, money paid could be termed as Consultant fees and only income tax is to be deducted at source. Thanks to all.
From India, New Delhi
Aha Kini Saab,
Have a heart for us, who have retired from private service. I had a some savings and thought life will go on fairly easily. But since, we have a world class government, prices of every item keeps going up. (Rice alone has gone up from Rs.18/- a kg (in 2008, when I retired) to Rs. 53/- now.
The burden of this autobiography is this: We have to continue to work not for "passing time" or for "making use of our skills." We have to work for our livelihood.
At the same time youngsters need jobs even more than us.
So, please keep the the doors of your company open to some seniors - may be at least 10% of regular workforce.

From India, Bangalore
Mr. Sarma:
I am not against employing of person above 58 yrs as you seem to have understood. Many a times most organisations do continue with people beyond 58 usually due to the expertise they have gained over the years, due to need for work, as you mention and becoming the norm with galloping inflation or simply due to lack of person availability to take over from the retiring person. The usual practicne is to hire people beyond 58 on retainership basis and deduct TDS from such retainer fees with out any statutory applicability like PF, ESIS, Gratuity etc.
The point I made was that rules and policies should be made for following and not for the sake of making them and that the Organisation itself then breaks it giving a wrong message to everyone.
I take this opportunity to wish you All the Best and sincerely hope you get a good job that utilises your capabilities as also meets your economic neccesities + some savings

From India, Mumbai
Dear Friends,
Most of all are correct interpretations. In some are appointed such persons as "RETAINERS". Except PF Pension remaining all are to be treated as usual. However, this is purely depending upon management policy. A model Retainer Appointment Letter is attached for your information (not exactly used it can be changed).

From India, Kakinada

Attached Files (Download Requires Membership)
File Type: doc RETAINER SHIP AGREEMENT.doc (32.0 KB, 836 views)

No, in your first point itself you should realize that he was retired on superannuation.
So, he will not continue to work. If you want to have his services then you can take him on consolidate salary or as consultant it will not rise the issues of EPF. Due to on superannuation he will eligible for pension under EPF - pension scheme.

From India, Bhopal
Dear Mohan,
Employee Pension Scheme 1995 (EPS) is 3rd retrial benefit which is contributory. This came into force in 1995 replacing Employee Family Pension Scheme 1971 (assured benefit). The purpose of the scheme is to secure financial assistance to an employee after his superannuation/retirement, which is generally 58 yrs of age. It means the benefit of EPS starts after age of 58 yrs. The minimum qualified year for pension is 10 yrs in case of survival. If an employee becomes members at 58 yrs, the purpose of the Employee Pension Scheme 1995 gets defeated. Therefore as per section 2 (ix) of EPS an employee attaining age of 58 yrs seizes to be a member of the scheme.
Mritunjay Nath Sahu

From India, Vadodara
in our company some employees joined after 58+ age, and contributions paid on EPF & EPS, now they applying EPF withdrawals , in order to withdrawn their full contributions like EPF & EPS, what to do?

From India, Bangalore

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views using the reply box below. For articles and copyrighted material please only cite the original source link. Each contribution will make this page a resource useful for everyone.

Please Login To Add Reply →

About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2021 CiteHRô

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server