The comments of Shri Umakanthan Sir and other Seniors are very appropriate and appreciated. Many Cos. do not have proper rules and end up with the peculiar situation when a person attains 58 yrs. Whether to continue or stop the person etc.,
PF Act donot prohibit contributing to PF of those continuing beyond 58 yrs. Only Pension a/c.stops. Those who are continued coverage of PF beyond 58 yrs. Cos. Pension contribution is also deposited in PF a/c. and thus the employee continue to get PF benefit which will be a saving for him but also reduce his IT liability. In effect; where in many Cos. in which Senior level officers are continued or given extension; Co. continues PF cover while the employee who has crossed 58 yrs. will be getting Pension also. Management consider this based on utility of key post & persons contribution to the Co.+ physical & mental factors etc.,.
Since S.O. stipulates 58 yrs., workmen are generally retired at 58 yrs. While Senior level posts; depending on the need; utility; etc., of the person concerned; Management can continue giving extension; initially for 1 or 2 yrs or as Consultant,, FT etc., giving certain benefit as agreed between them. Many Officers in Finance, Audit, HR, Legal, Technical posts are given preference; recognizing their past service & future needs of specific works of the Dept. This way; The Co. recognise the past service while the Co.is also benefitted by his specific exp. / Contribution.
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