May I request you to please advise where do I find the above mentioned PF rule ? I need to forward this to our HR in overseas market. I have few different opinions on our portal. Most of those are saying that PF is mandatory but not EPS (PENSION) after 60 years of age.
I tried to find out on PF website but had no luck. Is their any document that can explain it in detail.
In this situation, both the contribution shares (Employee and Employer) will be submitted in Employee Provident Fund Account Only.
there is no need to deposit pension fund in this case.
also, he can get the pension from the department as already he was the member of pension scheme and got attained the age of retirement.
EPF Balance: How to Check Your PF Balance Status Online
If some one is working and drawing salary / wage after attaining the retirement age, he is required to contribute to EPF but both the shares of contributions will go to his EPF account and conrtibution to his EPS will be stopped / fringed at the age of 58 years. He can apply for monthly pension at the age of 58 years and EPF accumulations will be withdrawn after he actually retires.
P K Sharma
Discontinuation of PF depends on the following factors-
1) If the employee is excluded employee. Now the question is who is an excluded employee. As per PF ACT, if the employee starts his/her carrier above the coverage limit salary which is today 15,000/- -Basic & DA per month is an excluded employee OR someone was member but settled his PF and again join above the coverage limit OR Retired after attaining the age of 55 years ( may be changed, pl check) and settled the PF.
2) In your case it is continuation of service without break being a PF member. In this case if the PF membership will not break, then EPF will be settled after attaining the age of 58 yrs and PF should continue and entire contribution of PF & EPF will be deposited to PF fund only.
3) It is always better in case of continuation after attaining the age of retirement, to retire formally & settlement of PF. Then reappointment with fresh or same terms and condition - much easy to tackle the situation.
Thanks & regards,
S K Bandyopadhyay
USD HR Solutions