Dear Sir/Madam,
My name is Haresh, and I have been working as an HR Executive for the past 3 years. Our company had 15 employees last year, but this year we have welcomed 40 new employees. As a result, our company has initiated PF and ESIC benefits for all employees. However, I have a query regarding our company's old employees who are over the age of 58 years. Can they still receive PF or ESIC facilities?
Thank you.
From India, Mumbai
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My name is Haresh, and I have been working as an HR Executive for the past 3 years. Our company had 15 employees last year, but this year we have welcomed 40 new employees. As a result, our company has initiated PF and ESIC benefits for all employees. However, I have a query regarding our company's old employees who are over the age of 58 years. Can they still receive PF or ESIC facilities?
Thank you.
From India, Mumbai
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Once an employee is covered under EPF, there is no option for exemption, even if he/she crosses the age of 58 years. However, you can exclude them from EPS. There is a provision for excluding from EPS at the age of 58 years or 60 years now. If the employee is covered until the age of 60 years, they will receive more pension benefits.
However, they should be covered under EPF until they retire. In this case, if you exclude both 12% of EE and 12% of ER, which equals 24%, it shall be accounted to EPF only, with no contribution to EPS.
From India, Bangalore
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However, they should be covered under EPF until they retire. In this case, if you exclude both 12% of EE and 12% of ER, which equals 24%, it shall be accounted to EPF only, with no contribution to EPS.
From India, Bangalore
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PF ESIC.xls
PF for foreign employees 1.10.08.pdf