Hi, Can anyone tell me what is the retirement age in private sector as per PF Rules. Thanks & Regards Praveen
From India, New Delhi
From India, New Delhi
In Employees Pension Fund Scheme, the age is 58 years. But for Provident Fund no age is fixed. That means, an employee who has attained the age of 58 ceases to be a member of Pension Scheme.
At the same time, if an employee joins an organisation after 58 years (as there is no retirement age in private sector unless otherwise provided in the Standing Orders) and if such an employee had not been a member of Employees Provident Fund earlier, then he will be covered and he has to contribute to PF.
In such cases, the employer will contribute the entire 12% to his EPF account and not as 8.33% to Pension Fund and the remaining 3.67% to Provident Fund. In the similar way, if a member of provident fund who has withdrawn his PF accululations on attaining the age of 58 and or who is in receipt of pension from the Employees Provident Fund Organisation, joins a company, he will be exempted from contribution.
Regards,
Madhu.T.K
From India, Kannur
4246At the same time, if an employee joins an organisation after 58 years (as there is no retirement age in private sector unless otherwise provided in the Standing Orders) and if such an employee had not been a member of Employees Provident Fund earlier, then he will be covered and he has to contribute to PF.
In such cases, the employer will contribute the entire 12% to his EPF account and not as 8.33% to Pension Fund and the remaining 3.67% to Provident Fund. In the similar way, if a member of provident fund who has withdrawn his PF accululations on attaining the age of 58 and or who is in receipt of pension from the Employees Provident Fund Organisation, joins a company, he will be exempted from contribution.
Regards,
Madhu.T.K
From India, Kannur
Dear Madhu
With reference to your reply , if suppose an employee retired and joined in another company after 58 years , whether he will be covered under PF and allowed to pay his contribution wholly towards PF instead of PF Pension too or he will not be eligible at all for PF membership as such is there any age limitation for ESI membership
REgards
R Sudhaakar
From India, Madras
With reference to your reply , if suppose an employee retired and joined in another company after 58 years , whether he will be covered under PF and allowed to pay his contribution wholly towards PF instead of PF Pension too or he will not be eligible at all for PF membership as such is there any age limitation for ESI membership
REgards
R Sudhaakar
From India, Madras
Dear Mr.Sudhakar,
If the man of completed 58, joining a new firm, the new employer need not to take him in PF Scheme, as PF is not compulsory for employer after the retirement age. The new employer need not to put contribution also to him. He is also not eligible for Pension Scheme as he is 58+
But as a Voluntary Contribution,(Employee contributions alone) the employee of 58+ can contribute only to the EPF and not to any other fund. The question of equal contribution by the employer for any voluntary rate of contribution by any body at any point of time will not arise at all.
regards
V Ganesan
From India, Madras
If the man of completed 58, joining a new firm, the new employer need not to take him in PF Scheme, as PF is not compulsory for employer after the retirement age. The new employer need not to put contribution also to him. He is also not eligible for Pension Scheme as he is 58+
But as a Voluntary Contribution,(Employee contributions alone) the employee of 58+ can contribute only to the EPF and not to any other fund. The question of equal contribution by the employer for any voluntary rate of contribution by any body at any point of time will not arise at all.
regards
V Ganesan
From India, Madras
A retired employee means an employee who had been a member of EMPLOYEES PROVIDENT FUND and PENSION FUND instituited the Employees Provident Fund Organisation and NOT AN EMPLOYEE WHO HAD NOT BEEN AN EMPLOYEE COVERED UNDER THE EPF ACT. Similarly an employee who was in government service or railways to which our PF is not applicable but is getting pension from the government (NOT FROM EPF Orgainisation) is NOT AN EXCLUDED EMPLOYEE. For him, though contribution to Pension Fund is not required, PF coverage is MANDATORY.
Regards,
Madhu.T.K
From India, Kannur
Regards,
Madhu.T.K
From India, Kannur
Can any one let me know, as per which clause the employee Provident fund is not mandatory to an employee who has joined the company after the age of +58, when he ceases to be member of pension scheme
Peter K Jacob
From India
Peter K Jacob
From India
Dear Madhu,
I shall be thanful, if you would kindly specify the section under which you have given the above clarification in your reply.
After my retirement from a P.S.U. on attainig the age of supperannuation, I joined a Pvt. Sector and worked their for only five months on contract basis.It was a new company,mainly dealing in investment business.There was no P.F. benefit in the said Organisation and its staff strength was less than 20.They paid me Rs. 6,000/- p.m. in lieu of P.F. benefit.Prior to joining that Organisation,I had worked in their Holding Company for one and half year and got C.P.F. benefit.
Was there any violation of C.P.F. Act by thier Subsidiary Company?
From India, Delhi
I shall be thanful, if you would kindly specify the section under which you have given the above clarification in your reply.
After my retirement from a P.S.U. on attainig the age of supperannuation, I joined a Pvt. Sector and worked their for only five months on contract basis.It was a new company,mainly dealing in investment business.There was no P.F. benefit in the said Organisation and its staff strength was less than 20.They paid me Rs. 6,000/- p.m. in lieu of P.F. benefit.Prior to joining that Organisation,I had worked in their Holding Company for one and half year and got C.P.F. benefit.
Was there any violation of C.P.F. Act by thier Subsidiary Company?
From India, Delhi
Dear All Seniors,
please guide me in my company a employee worked for 18 years and he contributed to pf regularly after that he did not worked anywhere. at the time of leaving the job his age is 52 years in 2012 only. now i would like to know is he eligible for pension if yes what all forms to be filled and what all documents required. also at what rate or percentage he will get the pension amount.
I need answer on urgent basis.
Thanks & Regards
Jeetu Singh Bisht
From United States
please guide me in my company a employee worked for 18 years and he contributed to pf regularly after that he did not worked anywhere. at the time of leaving the job his age is 52 years in 2012 only. now i would like to know is he eligible for pension if yes what all forms to be filled and what all documents required. also at what rate or percentage he will get the pension amount.
I need answer on urgent basis.
Thanks & Regards
Jeetu Singh Bisht
From United States
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Amendment in Employees Pension Scheme, 1995.pdf