Let me add my opinion that if the employee who is continuing in service after the retirement age (58 years) is in receipt of PF Pension only he is to be excluded. Otherwise, he will continue to be covered by PF and, as stated by others, his employer contribution of 12% shall exclusively be paid to Provident Fund without splitting it as 8.33% to Pension fund and 3.67% to Provident Fund. Therefore, the receipt of Pension (for that he should have at least for 10 years or 9.5 years PF subscription)
In another instant, if he is not continuing the same service but has withdrawn the PF benefits after his attaining 58 years and then he is joining or rejoing your company, then also you exclude his from PF.
Madhu.T.K