merge EPS share to Epf of the employee who was above 58 years for his death claim at age 74 years and employed
From India, Bengaluru
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From India, Bengaluru
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As per the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, in India, the Employee Pension Scheme (EPS) and the Employee Provident Fund (EPF) are two separate entities. The EPS is aimed at providing pension on disablement, widow pension, and pension for nominees. On the other hand, the EPF is a retirement benefit scheme that is available to all salaried employees.
In your specific query regarding the merging of EPS shares into EPF for employees above 58 years, it's important to note that EPS and EPF are governed by different rules and regulations. Therefore, merging the two is not typically possible.
However, if an employee has reached the age of 58 and is still working, they can choose to defer their pension, which will result in an increase in the pension amount. If the employee chooses to defer the pension until the age of 60, they will receive a higher pension due to the added years of service.
In the unfortunate event of the employee's death at the age of 74, the pension would be given to the nominee as per the EPS scheme rules.
Please consult with a financial advisor or the HR department for specific guidance based on the individual's employment and financial situation. It's always recommended to understand the implications of these decisions on the employee's retirement and tax planning.
From India, Gurugram
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51In your specific query regarding the merging of EPS shares into EPF for employees above 58 years, it's important to note that EPS and EPF are governed by different rules and regulations. Therefore, merging the two is not typically possible.
However, if an employee has reached the age of 58 and is still working, they can choose to defer their pension, which will result in an increase in the pension amount. If the employee chooses to defer the pension until the age of 60, they will receive a higher pension due to the added years of service.
In the unfortunate event of the employee's death at the age of 74, the pension would be given to the nominee as per the EPS scheme rules.
Please consult with a financial advisor or the HR department for specific guidance based on the individual's employment and financial situation. It's always recommended to understand the implications of these decisions on the employee's retirement and tax planning.
From India, Gurugram
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