Hi Seniors, Experts & Friends, I am working in a Pvt. Ltd. Company as an HR Executive for a few months and facing a lot of faults in the EPF of employees. My recent problem is of two types:
Issue with Employee Pension Fund (EPF) Contribution
1. While going through the EPF of employees, I found that there are a few employees whose age has reached more than 10 years of subscription, but still, their contribution to the pension fund is being deposited in their EPS A/C.
2. As per my knowledge, PF contribution to the employees' Pension fund will cease on the completion of 58 years of age or 10 years of subscription, whichever is earlier. Even though a few of our employees have completed their 58 years and have already completed 10 years of their subscription.
Please help and guide me.
Thanks & Regards, Ankita Executive HR
From India, Patna
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147Issue with Employee Pension Fund (EPF) Contribution
1. While going through the EPF of employees, I found that there are a few employees whose age has reached more than 10 years of subscription, but still, their contribution to the pension fund is being deposited in their EPS A/C.
2. As per my knowledge, PF contribution to the employees' Pension fund will cease on the completion of 58 years of age or 10 years of subscription, whichever is earlier. Even though a few of our employees have completed their 58 years and have already completed 10 years of their subscription.
Please help and guide me.
Thanks & Regards, Ankita Executive HR
From India, Patna
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Regarding EPF subscription, the eligibility criteria for a pension is a minimum of 10 years of continuous membership. Furthermore, as the number of years of membership increases, the amount of pension will also increase. The retirement age for any employee is 58 years. As a result, the PF membership ceases upon reaching the age of superannuation.
Thank you.
From India, Gandhidham
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Thank you.
From India, Gandhidham
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Dear Seniors,
What should I do for those employees who have attained 10 years of subscription and completed their 58 years of age? For more information, hereby I am attaching a sample copy.
Thanks,
Ankita
From India, Patna
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What should I do for those employees who have attained 10 years of subscription and completed their 58 years of age? For more information, hereby I am attaching a sample copy.
Thanks,
Ankita
From India, Patna
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Employee Status After Age 58 Under EPF Scheme
After attaining the age of 58 years, the employee will be required to withdraw his PF accumulations and also receive pension benefits as he has completed 10 years of pensionable service. His employment in the organization will continue as an excluded employee as defined under the EPF Scheme 1952.
Definition of "Excluded Employee"
"Excluded Employee" as defined under para 2(f) of the Employees' Provident Fund Scheme means an employee who, having been a member of the fund, has withdrawn the full amount of accumulation in the fund on retirement from service after attaining the age of 55 years.
As an excluded employee, there will be no deduction of PF contributions from his salary.
From India, Gandhidham
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After attaining the age of 58 years, the employee will be required to withdraw his PF accumulations and also receive pension benefits as he has completed 10 years of pensionable service. His employment in the organization will continue as an excluded employee as defined under the EPF Scheme 1952.
Definition of "Excluded Employee"
"Excluded Employee" as defined under para 2(f) of the Employees' Provident Fund Scheme means an employee who, having been a member of the fund, has withdrawn the full amount of accumulation in the fund on retirement from service after attaining the age of 55 years.
As an excluded employee, there will be no deduction of PF contributions from his salary.
From India, Gandhidham
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Contribution to the EPS of an employee is mandatory until they reach the age of 58 years. There is no condition that 10 years of contribution is the limit for EPS. The condition of 10 years is for the ceiling withdrawal of the EPS amount only.
Regards,
Mangesh Wakodkar
Aurangabad
From India, Pune
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Regards,
Mangesh Wakodkar
Aurangabad
From India, Pune
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After 58 yrs, the entire contribution of EPF by employer will be deposited in the account of PF of employees but not in EPS account. Pon
From India, Lucknow
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From India, Lucknow
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Hi Seniors & Friends,
Employee Contribution Details
Name of Employees: A, B
Basic Salary: 6500, 6000
Ee Cont (12%): 780, 720
Er Cont (3.67%): 239, 220
Er Cont (8.33%): 0, 500
In the case of Employee A, he has completed 58 years of age and has 10 years of service. In the case of Employee B, he has not completed 58 years of age but has 11 years of service.
My query is, what should I write in Er contribution 8.33% in ECR format?
Thanks,
Ankita
From India, Patna
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Employee Contribution Details
Name of Employees: A, B
Basic Salary: 6500, 6000
Ee Cont (12%): 780, 720
Er Cont (3.67%): 239, 220
Er Cont (8.33%): 0, 500
In the case of Employee A, he has completed 58 years of age and has 10 years of service. In the case of Employee B, he has not completed 58 years of age but has 11 years of service.
My query is, what should I write in Er contribution 8.33% in ECR format?
Thanks,
Ankita
From India, Patna
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I think there no age limit for EPF Contribution. It is only for pension. Regards B.D Purohit Noida
From India, Delhi
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From India, Delhi
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EPS Contribution Guidelines for Employees Over 58
Employee A, who has attained the age of 58 years, should have "0" wages in EPS in ECR format. No contribution will be made to the EPS Account for Employee A. Employee B, who has not completed the age of 58 years, should have the same normal EPS calculation applied. This is because, according to the rule, after attaining the age of 58, no employee can contribute to EPS. Additionally, contributing to EPS for 10 years or more makes the employee liable for the Pension Scheme, that's it.
Hope this information helps. If not, please email me, and I will try to clarify things further.
Regards
From India, Jaipur
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Employee A, who has attained the age of 58 years, should have "0" wages in EPS in ECR format. No contribution will be made to the EPS Account for Employee A. Employee B, who has not completed the age of 58 years, should have the same normal EPS calculation applied. This is because, according to the rule, after attaining the age of 58, no employee can contribute to EPS. Additionally, contributing to EPS for 10 years or more makes the employee liable for the Pension Scheme, that's it.
Hope this information helps. If not, please email me, and I will try to clarify things further.
Regards
From India, Jaipur
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Dear Ankita, For the above case, you can write a letter to the PF department to adjust the contribution in the PF fund, which has been deposited in the pension fund. As per my concern, the contribution that has been deposited in the pension fund cannot be adjusted online.
Alternatively, you have to deposit the contribution of those employees which has been a shortfall in the PF fund.
Regards, Rajeev Kumar Saxena
From India, Madras
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Alternatively, you have to deposit the contribution of those employees which has been a shortfall in the PF fund.
Regards, Rajeev Kumar Saxena
From India, Madras
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Employer Contribution to EPS After 58 Years
After attaining 58 years, if the employee continues in service, the employer's contribution to his EPS will have to be stopped. However, the entire employer contribution will go to the EPF account. Even if you have wrongly contributed to the EPS, the PF department will automatically transfer the EPS deposits to the employee's EPF account only. Therefore, you can rest assured that the amount is safe.
From now onwards, you can correctly deposit the employer contribution to the EPF account. Also, if the employee has already completed 10 years of membership at the time of his completion of 58 years, please apply in Form 10-D for a monthly pension. Nevertheless, his PF account can be continued until he ceases to work in your organization.
Regards,
Sunder Rajen
[Phone Number Removed For Privacy Reasons]
From India, Hyderabad
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After attaining 58 years, if the employee continues in service, the employer's contribution to his EPS will have to be stopped. However, the entire employer contribution will go to the EPF account. Even if you have wrongly contributed to the EPS, the PF department will automatically transfer the EPS deposits to the employee's EPF account only. Therefore, you can rest assured that the amount is safe.
From now onwards, you can correctly deposit the employer contribution to the EPF account. Also, if the employee has already completed 10 years of membership at the time of his completion of 58 years, please apply in Form 10-D for a monthly pension. Nevertheless, his PF account can be continued until he ceases to work in your organization.
Regards,
Sunder Rajen
[Phone Number Removed For Privacy Reasons]
From India, Hyderabad
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PF Pension fund contribution beyond 58 years of age.pdf