Can I Pay EPS in Advance for an Employee Turning 58? Seeking Your Advice!

Hi!

Please help me with this issue. An employee is turning 58 years old on 14th December 2017. Am I able to make payment for his EPS in advance? If yes, kindly share your suggestions and ideas.

Thanks in advance,

Uday Kumar

After 58 years, the amount cannot be contributed to EPS.

Dear Anamika,

Employee Share of EPF towards EPS cannot be remitted in advance. The employee has to earn salary. From the salary, the employee's share of EPF is deducted and remitted along with the employer's share and other charges. What is the logic of paying advance contribution? Will the employee be alive till Dec-2017? Be specific in your query. In statutory matters, there is no room for suggestions or ideas.

Rightly said, it cannot be remitted in advance. Moreover, it will not have benefits because the pension amount depends on the number of years of service and the average of the last five years' wages/salary under PF.