Dear Nathrao Sir, Please Peruse the following:
Age of Retirement as per EPF Act:55Years
Age of Retirement as per EPS:58 Years (Presently enhanced to 60 Years with certain conditions) An Employee aged above 58 Years can not become Member of EPS unless, he was earlier Member of EPS for at least 10 years
The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (herein after referred to as “the EPF Act”) is a very important Social Security Legislation enacted to Provide with a kind of Social Security to the industrial workers. As observed by the Supreme Court in Andhra University v. R.P.F.C. 1985 (51) FLR 605 (SC), It is a beneficent piece of Social Welfare Legislation aimed at Promoting and Securing the well being of the Employees.
The EPF Act Mainly Provides for Provident Fund, Superannuation Pension, Family Pension and Deposit Linked Insurance, which are, Primarily, Retirement or old Age benefits. Though the provision for terminal benefit of restricted nature was made in the Industrial Disputes Act, 1947 in the form of payment of retrenchment compensation etc., but the same benefit was not available to a worker on retirement, on reaching the age of superannuation or voluntary retirement. Keeping in mind such benefits and so as to extend the terminal benefits to retiring employees, whether on reaching superannuation age or in case of voluntary retirement, the EPF Act was legislated.