An employee is hired by an organization at the age of 60 based on his experience. After 6 months, he is enrolled in the EPF Scheme. He contributes Rs. 1800 per month, and the organization matches that amount. Now, it has been over a year. If he continues to work and then stops after completing 5 full years of service, what benefits is he supposed to receive by participating in the EPF Scheme?
From India, Erode
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From India, Erode
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Hello Karikalan, please go through the discussion that took place on the subject in this link: https://www.citehr.com/326837-can-we...whose-age.html. https://www.epfindia.gov.in/site_en/faq.php
The Employees’ Provident Fund Contribution should be paid until the date of the employee's leaving the service, irrespective of the member's age. However, employees who cease to be EPS (pension) members will receive the employer's 8.33% contribution in their PF account. After retirement, if the person works or is reemployed with the principal employer, then PF & ESI deduction is a liability on the employer. No upper age limit is prescribed by the act. All contribution amounts go to the PF account only, but there is no EPS contribution. The EPS upper age limit is 58 years (enhanced to 60 years now?).
But if ESI is involved, the ESIC act has not prescribed any upper age limit, so you have to deduct and add the employer's contribution and remit it to ESI if his emoluments are within Rs. 21,000/-.
Read more at: Eligibility of PF and ESIC after retirement - PF & ESI - Labour & Service Law
From India, Bangalore
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1159The Employees’ Provident Fund Contribution should be paid until the date of the employee's leaving the service, irrespective of the member's age. However, employees who cease to be EPS (pension) members will receive the employer's 8.33% contribution in their PF account. After retirement, if the person works or is reemployed with the principal employer, then PF & ESI deduction is a liability on the employer. No upper age limit is prescribed by the act. All contribution amounts go to the PF account only, but there is no EPS contribution. The EPS upper age limit is 58 years (enhanced to 60 years now?).
But if ESI is involved, the ESIC act has not prescribed any upper age limit, so you have to deduct and add the employer's contribution and remit it to ESI if his emoluments are within Rs. 21,000/-.
Read more at: Eligibility of PF and ESIC after retirement - PF & ESI - Labour & Service Law
From India, Bangalore
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EPF & Misc. Provision Act.1952 & the scheme.ppt
Epf EDLI Amdmt Scheme 2018.pdf