Hi All, I need confirmation. Everybody knows that the retirement age is now 60 years, up from 58 years. Is it true that an employee, after turning 58 years old, does not need to contribute to the PF fund? In other words, after reaching 58 years, an employee is not required to pay towards the PF until retiring at 60 years. Please confirm whether this is true or not. If it is indeed true, kindly provide me with the link to the Government Order (G.O) pertaining to the same.
Thanks and Regards,
Karthik
From India
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Thanks and Regards,
Karthik
From India
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Provident Fund Schemes and Retirement Age
Under the Provident Fund Schemes, there is no retirement age. PF, being an investment, can be extended beyond 60 years as well. However, for an employee who has completed 58 years of age, there is no need to contribute towards the Pension Fund; the entire 12% should be contributed to their Provident Fund.
At the same time, if the employee is a PF Pensioner or has withdrawn their PF accumulations upon attaining the age of 58, they can be excluded from PF contributions as well. This will apply only to those who were earlier members of EPF and does not apply to individuals receiving a government pension.
For those who join after retiring from government service, the PF schemes will apply.
Regards,
Madhu.T.K
From India, Kannur
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4526Under the Provident Fund Schemes, there is no retirement age. PF, being an investment, can be extended beyond 60 years as well. However, for an employee who has completed 58 years of age, there is no need to contribute towards the Pension Fund; the entire 12% should be contributed to their Provident Fund.
At the same time, if the employee is a PF Pensioner or has withdrawn their PF accumulations upon attaining the age of 58, they can be excluded from PF contributions as well. This will apply only to those who were earlier members of EPF and does not apply to individuals receiving a government pension.
For those who join after retiring from government service, the PF schemes will apply.
Regards,
Madhu.T.K
From India, Kannur
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PF Pension fund contribution beyond 58 years of age.pdf
Employee Benefits.doc