Dear Members, Few of our employees who have attained 58 years of age are requesting that they be exited form EPS so that they can start drawing EPS Pension (they do not want to defer Pension till 59 or 60); while continuing PF contribution till age 60 which is our company's compulsory retirement age.
My doubt is regarding the "reason for exit" while exiting EPS ... Should it be "Retirement" or should it be "Superannuation"?
Many people whom I have spoken with have advised me to give "superannuation" as the reason for EPS Exit. But, My own understanding is that Superannuation means the person has vacated the post he/she is holding, and therefore exit reason "superannuation" would mean he cannot continue PF contribution from Age 58 to Age 60.
What is the right thing?
Would appreciate some input on this.
My doubt is regarding the "reason for exit" while exiting EPS ... Should it be "Retirement" or should it be "Superannuation"?
Many people whom I have spoken with have advised me to give "superannuation" as the reason for EPS Exit. But, My own understanding is that Superannuation means the person has vacated the post he/she is holding, and therefore exit reason "superannuation" would mean he cannot continue PF contribution from Age 58 to Age 60.
What is the right thing?
Would appreciate some input on this.