If Employee wishes, he can continue to be EPS Member for another 2 Years i.e till 60 Years, provided he is eligible for EPS at the time of attaining 58 Years.
Similarly, Employee can continue to be EPF Member, even after attaining 58 years provided there is continuity in service & Employee has not withdrawn his EPF Accumulations.
Further, Employer can also consider such Employees (Retired after attaining 58Years) as "EXCLUDED EMPLOYEE"from the purview of EPF & EPS Coverage