Hi, Can anyone tell me what is the retirement age in private sector as per PF Rules. Thanks & Regards Praveen
From India, New Delhi
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From India, New Delhi
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In the Employees' Pension Fund Scheme, the age is 58 years. However, for the Provident Fund, no age is fixed. This means that an employee who has attained the age of 58 ceases to be a member of the Pension Scheme.
Simultaneously, if an employee joins an organization after 58 years (as there is no retirement age in the private sector unless otherwise provided in the Standing Orders), and if such an employee had not been a member of the Employees' Provident Fund earlier, then he will be covered, and he has to contribute to the PF.
In such cases, the employer will contribute the entire 12% to his EPF account and not as 8.33% to the Pension Fund and the remaining 3.67% to the Provident Fund. Similarly, if a member of the Provident Fund who has withdrawn his PF accumulations on attaining the age of 58 or who is in receipt of a pension from the Employees' Provident Fund Organization joins a company, he will be exempted from contribution.
Regards,
Madhu.T.K
From India, Kannur
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4483Simultaneously, if an employee joins an organization after 58 years (as there is no retirement age in the private sector unless otherwise provided in the Standing Orders), and if such an employee had not been a member of the Employees' Provident Fund earlier, then he will be covered, and he has to contribute to the PF.
In such cases, the employer will contribute the entire 12% to his EPF account and not as 8.33% to the Pension Fund and the remaining 3.67% to the Provident Fund. Similarly, if a member of the Provident Fund who has withdrawn his PF accumulations on attaining the age of 58 or who is in receipt of a pension from the Employees' Provident Fund Organization joins a company, he will be exempted from contribution.
Regards,
Madhu.T.K
From India, Kannur
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Dear Madhu,
With reference to your reply, suppose an employee retired and joined another company after 58 years. Will he be covered under PF and allowed to pay his contribution wholly towards PF instead of PF Pension too, or will he not be eligible at all for PF membership? Is there any age limitation for ESI membership?
Regards,
R. Sudhaakar
From India, Madras
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With reference to your reply, suppose an employee retired and joined another company after 58 years. Will he be covered under PF and allowed to pay his contribution wholly towards PF instead of PF Pension too, or will he not be eligible at all for PF membership? Is there any age limitation for ESI membership?
Regards,
R. Sudhaakar
From India, Madras
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Dear Mr. Sudhakar,
If the man of completed 58 is joining a new firm, the new employer need not take him into the PF Scheme, as PF is not compulsory for the employer after the retirement age. The new employer does not need to make contributions to his PF account. Additionally, he is not eligible for the Pension Scheme as he is 58 years old or older.
However, as a Voluntary Contribution, an employee aged 58 and above can contribute only to the EPF and not to any other fund. The question of equal contribution by the employer for any voluntary rate of contribution by anybody at any point in time will not arise at all.
Regards,
V Ganesan
email: ganesanhrd@gmail.com
From India, Madras
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If the man of completed 58 is joining a new firm, the new employer need not take him into the PF Scheme, as PF is not compulsory for the employer after the retirement age. The new employer does not need to make contributions to his PF account. Additionally, he is not eligible for the Pension Scheme as he is 58 years old or older.
However, as a Voluntary Contribution, an employee aged 58 and above can contribute only to the EPF and not to any other fund. The question of equal contribution by the employer for any voluntary rate of contribution by anybody at any point in time will not arise at all.
Regards,
V Ganesan
email: ganesanhrd@gmail.com
From India, Madras
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A retired employee means an employee who had been a member of Employees' Provident Fund and Pension Fund instituted by the Employees Provident Fund Organisation and not an employee who had not been covered under the EPF Act. Similarly, an employee who was in government service or railways to which our PF is not applicable but is receiving a pension from the government (not from EPF Organisation) is not an excluded employee. For him, though contribution to the Pension Fund is not required, PF coverage is mandatory.
Regards,
Madhu.T.K
From India, Kannur
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Regards,
Madhu.T.K
From India, Kannur
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Can anyone let me know, as per which clause the Employee Provident Fund is not mandatory for an employee who has joined the company after the age of 58 when he ceases to be a member of the pension scheme?
Peter K Jacob
From India
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Peter K Jacob
From India
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Dear Madhu,
I would be thankful if you could kindly specify the section under which you have provided the above clarification in your reply. After my retirement from a PSU upon reaching the age of superannuation, I joined a private sector company and worked there for only five months on a contract basis. It was a new company primarily engaged in investment business. The organization had less than 20 staff members and did not offer a PF benefit. Instead, they paid me Rs. 6,000/- per month in lieu of PF benefits. Before joining this organization, I had worked in their holding company for one and a half years and received CPF benefits.
I am curious if there was any violation of the CPF Act by their subsidiary company?
Thank you.
From India, Delhi
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I would be thankful if you could kindly specify the section under which you have provided the above clarification in your reply. After my retirement from a PSU upon reaching the age of superannuation, I joined a private sector company and worked there for only five months on a contract basis. It was a new company primarily engaged in investment business. The organization had less than 20 staff members and did not offer a PF benefit. Instead, they paid me Rs. 6,000/- per month in lieu of PF benefits. Before joining this organization, I had worked in their holding company for one and a half years and received CPF benefits.
I am curious if there was any violation of the CPF Act by their subsidiary company?
Thank you.
From India, Delhi
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Dear All Seniors,
Please guide me in my company. An employee worked for 18 years and contributed to PF regularly. After that, he did not work anywhere. At the time of leaving the job, his age was 52 years in 2012 only. Now, I would like to know if he is eligible for a pension. If yes, what forms need to be filled, and what documents are required? Also, at what rate or percentage will he receive the pension amount?
I need an answer urgently.
Thanks & Regards,
Jeetu Singh Bisht
From United States
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Please guide me in my company. An employee worked for 18 years and contributed to PF regularly. After that, he did not work anywhere. At the time of leaving the job, his age was 52 years in 2012 only. Now, I would like to know if he is eligible for a pension. If yes, what forms need to be filled, and what documents are required? Also, at what rate or percentage will he receive the pension amount?
I need an answer urgently.
Thanks & Regards,
Jeetu Singh Bisht
From United States
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PF Pension fund contribution beyond 58 years of age.pdf