We have retained some employees in service after their 58 years in our company. Retirement age is fixed at 58 years, but we retained them as they are still efficient and want to work. My question is, is it compulsory by law to deduct their PF contribution? Should the employer add the full 12% to the PF account or only 3.67% to EPF?
Waiting for your suggestions.
From India, Patna
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147Waiting for your suggestions.
From India, Patna
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If they complete 58 years, bring them into a consultant role; then there is no need to pay anything once all settlement is over. If you want them to continue in the role, all PF contributions go to AC No. 1 because they will receive a pension after 58 years.
Hope this will clear things up. If you have any doubts, call me.
Regards,
Eswar K.
Manager - HR
[Phone Number Removed For Privacy Reasons]
From India, Chennai
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Hope this will clear things up. If you have any doubts, call me.
Regards,
Eswar K.
Manager - HR
[Phone Number Removed For Privacy Reasons]
From India, Chennai
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After attaining 58 years of age, EPS Contribution (By Employer 8.33 %) will add to EPF Contribution (By Employer). That mean even in such conditions, employer has to contribute same 12%.
From India, Jaipur
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From India, Jaipur
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Procedure for Starting Pension Benefits
1. What is the procedure to start pension benefits for those employees?
2. Some of them want to withdraw their pensionable amount while they are still working.
Sir, what should I do? Please guide me.
Thanks,
Ankita
From India, Patna
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1. What is the procedure to start pension benefits for those employees?
2. Some of them want to withdraw their pensionable amount while they are still working.
Sir, what should I do? Please guide me.
Thanks,
Ankita
From India, Patna
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Dear Ankita They have to fill up form no 19 & 10 C forms but 8.33 % of pension fund could not be withdrown if he complited the services of 10 years.
From India, Gurgaon
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From India, Gurgaon
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PF can continue after 58 years. The employee can claim a pension while still in service. When uploading files in e-sewa and making contributions, you have to make payments only in the Provident Fund Account. There is no need to pay contributions in A/c No 10. In my organization, there are around 15 employees who are still in service, contributing to PF, and simultaneously receiving a monthly pension from the Pension Scheme 1995.
Thanks & regards,
Gaurav Upadhye
From India, Pune
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Thanks & regards,
Gaurav Upadhye
From India, Pune
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You have to submit Form 10-D for claiming the pension. Even though the employee is still alive, please submit the details, like the Descriptive Roll of Family members, e.g., spouse, children age proof documents, etc., along with the 10-D, to avoid any complications.
Thanks & regards,
Gaurav Upadhye.
From India, Pune
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Thanks & regards,
Gaurav Upadhye.
From India, Pune
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Dear Ankita, I am explaining the procedure for claiming the PF amount.
Procedure for Claiming PF Amount
(1) If your employee has attained superannuation but continues their employment with you without any break, you will have to continue deducting their PF. The entire company contribution of 12% has to go to A/c No. 1.
(2) If the employee has completed 10 years (or more) of service at the time of superannuation, then they are eligible for a monthly pension. You can fill up Form 10-D and submit it with the necessary enclosures.
(3) If the employee has not completed 10 years of service at the time of their superannuation, then please submit Form 10-C. They will receive the accumulations of their pension account.
Regarding the claiming of PF (A/c No. 1), as long as the person continues in employment and PF is being deducted, you should not submit a claim in Form 19. Once the person leaves the employment, they can submit the same.
All the above-mentioned forms are available on the PF website and can be downloaded.
Regards
From India, Hyderabad
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Procedure for Claiming PF Amount
(1) If your employee has attained superannuation but continues their employment with you without any break, you will have to continue deducting their PF. The entire company contribution of 12% has to go to A/c No. 1.
(2) If the employee has completed 10 years (or more) of service at the time of superannuation, then they are eligible for a monthly pension. You can fill up Form 10-D and submit it with the necessary enclosures.
(3) If the employee has not completed 10 years of service at the time of their superannuation, then please submit Form 10-C. They will receive the accumulations of their pension account.
Regarding the claiming of PF (A/c No. 1), as long as the person continues in employment and PF is being deducted, you should not submit a claim in Form 19. Once the person leaves the employment, they can submit the same.
All the above-mentioned forms are available on the PF website and can be downloaded.
Regards
From India, Hyderabad
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Hi, please note the following:
1. If the employee reaches the age of 58 and retires, you may settle his PF account as superannuation.
2. After the settlement of his PF account, you can re-employ him without deducting PF.
Regards,
Vijay
From India, Coimbatore
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1. If the employee reaches the age of 58 and retires, you may settle his PF account as superannuation.
2. After the settlement of his PF account, you can re-employ him without deducting PF.
Regards,
Vijay
From India, Coimbatore
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What Mr. Vijay is quoting is okay but not professional because if the employee is not a member of PF, they will also cease to be a member of the EDLI scheme. If the employee passes away while in service and after reaching the age of 58, their family members will not receive the EDLI benefit. Please note.
Good Practices for HR Personnel
As progressive HR personnel, we should establish good practices in the organization.
Thanks & regards,
Gaurav Upadhye.
From India, Pune
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Good Practices for HR Personnel
As progressive HR personnel, we should establish good practices in the organization.
Thanks & regards,
Gaurav Upadhye.
From India, Pune
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I have the same problem, but the employees have neither attained the age of 58 nor completed their 10 years of job tenure, yet they want to withdraw their full pension fund amount.
Thanks & Regards,
Parwej Khan
From India, Calcutta
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Thanks & Regards,
Parwej Khan
From India, Calcutta
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After the age of 58 years, when the concerned employee withdraws the amount of PF, it depends on your management whether to deduct the PF amount or not. However, management is not bound to deduct. If management opts to deduct the PF amount, in this case, the whole deducted amount will be deposited in PF A/c No 01 only.
In the case where the concerned employee does not withdraw his/her PF amount and continues the job, in this case, PF contribution must be deducted and deposited in A/c No 01 only.
During the service period, no member can withdraw his/her pension fund amount; they can only withdraw the PF amount from A/c No 01.
Thanks,
S.L. Chopra
From India, Suri
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In the case where the concerned employee does not withdraw his/her PF amount and continues the job, in this case, PF contribution must be deducted and deposited in A/c No 01 only.
During the service period, no member can withdraw his/her pension fund amount; they can only withdraw the PF amount from A/c No 01.
Thanks,
S.L. Chopra
From India, Suri
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(Fact Checked)-[response] (1 Acknowledge point)
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IF an Employer Contribute To PF Account To the Employee Even He Is Attening The Age of 58 So how to Withdarw PF Amount
From India, undefined
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From India, undefined
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Asalamu Allaikum, Sir, IF an Employer Contribute To PF Account To the Employee Even He Is Attening The Age of 58 So how to Withdarw PF Amount
From India, Chennai
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From India, Chennai
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(Fact Checked)-[B]Response[/B]: Employer contributions to PF continue post-retirement. Withdrawals follow EPF rules. Age doesn't affect access to PF funds. (1 Acknowledge point)
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You should pay 12% of PF contribution. Hope the last comment will be useful for you.
[Link to the source: https://www.citehr.com/512817-pf-contribution-above-58-years.html]
From India, Hyderabad
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[Link to the source: https://www.citehr.com/512817-pf-contribution-above-58-years.html]
From India, Hyderabad
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Hi,
One of my employees turned 58 in December 2017 (his joining date was 01/4/17, meaning he has only been working for 9 months) and he is still with our organization.
Now, what forms should he fill out for this situation? And how should we handle his EPF and EPS share?
From India, Howrah
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One of my employees turned 58 in December 2017 (his joining date was 01/4/17, meaning he has only been working for 9 months) and he is still with our organization.
Now, what forms should he fill out for this situation? And how should we handle his EPF and EPS share?
From India, Howrah
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(Fact Checked)-The employee who turned 58 after 9 months of service does not need to fill any form due to age. Their EPF & EPS contributions should continue as usual. (1 Acknowledge point)
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Sir,
In my organization, two employees have already attained 58 years, and as per company rules, they can work until 65 years. We are still deducting PF and regularly depositing to EPF as usual. Kindly suggest the following:
(a) How much to be deducted from the employee, i.e., %
(b) Employers' contribution
(c) Distribution to deposit in various accounts, i.e., 8.33% and 3.67% etc.
(d) How to revert back the amount already deposited in EPS
(e) Can the employees are eligible for EPF pension
Thank you.
From India, Bengaluru
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In my organization, two employees have already attained 58 years, and as per company rules, they can work until 65 years. We are still deducting PF and regularly depositing to EPF as usual. Kindly suggest the following:
(a) How much to be deducted from the employee, i.e., %
(b) Employers' contribution
(c) Distribution to deposit in various accounts, i.e., 8.33% and 3.67% etc.
(d) How to revert back the amount already deposited in EPS
(e) Can the employees are eligible for EPF pension
Thank you.
From India, Bengaluru
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Hi, we are retaining one employee after attaining the age of 58. Presently, we are deducting his PF and ESI. Now, we are continuing his service. In this case, can we discontinue his PF and continue only ESI? Is it possible? If we consider him as a consultant, what benefits should we provide? Please help me.
From India, Bangalore
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From India, Bangalore
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I attained 58 years of age and am still continuing in service. I was employed on a CTC basis, and suddenly my EPS portion is not being contributed due to reaching 58 years of age, but the EPF part is being paid regularly. Now, the CTC is decreased as promised by the company. How can I receive my EPS portion, either in gross or in EPF?
From India, Delhi
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From India, Delhi
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EPF Scheme Guidelines For Implementation Of PMGKY Credit Of Employers And Employee Contribution .pdf
Employee Pension Scheme, 1995.doc
EPF - Pension contribution is zero WHY.jpg
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(Fact Checked)-The user's reply contains accurate information regarding the procedure for claiming PF amount after an employee attains superannuation. The details provided align with current rules and practices. (1 Acknowledge point)