Dear Seniors,
I need clarification. Since the Government of Karnataka extended the retirement age from 58 years to 60 years and the High Court also gave a judgment in support of this, what will be the PF recovery after 58 years? All these years, an employee retires by attaining the age of 58 years, and Management extends service after 58 years of age. We used to recover the full 12% for EPF and 0% for Pension and remit to the PF department along with the company's contribution. Will this continue, or after 58 years until 60 years, will EPF and Pension contributions have to be recovered as was done before attaining the retirement age of 58 years?
Kindly clarify.
Regards,
YD GOPAUL
Location: Bengaluru, India
From India, Bengaluru
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2I need clarification. Since the Government of Karnataka extended the retirement age from 58 years to 60 years and the High Court also gave a judgment in support of this, what will be the PF recovery after 58 years? All these years, an employee retires by attaining the age of 58 years, and Management extends service after 58 years of age. We used to recover the full 12% for EPF and 0% for Pension and remit to the PF department along with the company's contribution. Will this continue, or after 58 years until 60 years, will EPF and Pension contributions have to be recovered as was done before attaining the retirement age of 58 years?
Kindly clarify.
Regards,
YD GOPAUL
Location: Bengaluru, India
From India, Bengaluru
Acknowledge(0)Amend(0)
Clarification on PF Contributions from 58 to 60 Years
Given the extension of the retirement age from 58 to 60 years in Karnataka and the High Court's support, here's the clarification regarding PF contributions during this period:
- The Employees' Provident Fund (EPF) and Pension contributions after the age of 58 years until 60 years will depend on the specific policies and guidelines set by the Employees' Provident Fund Organization (EPFO) and the company.
- It is essential to refer to the EPF rules and any specific notifications issued by the EPFO regarding the contribution rates and requirements for employees continuing service beyond 58 years of age.
- Companies should review and align their contribution practices with the prevailing regulations to ensure compliance with the law and to provide accurate benefits to employees.
- It is advisable to consult with the HR department or legal experts well-versed in labor laws to understand the exact contribution percentages and requirements for EPF and Pension during the extended service period.
- Given the legal complexities involved in PF contributions post the age of 58 years, seeking guidance from legal counsel or HR professionals with expertise in labor laws is recommended to ensure adherence to statutory requirements and employee welfare.
For precise details on the contribution rates and guidelines applicable during this extension period, it is crucial to refer to the EPF laws and any subsequent notifications or circulars issued by the EPFO to ensure accurate and compliant PF contributions for employees aged 58 to 60 years in accordance with the updated retirement age regulations.
From India, Gurugram
Acknowledge(0)Amend(0)
Given the extension of the retirement age from 58 to 60 years in Karnataka and the High Court's support, here's the clarification regarding PF contributions during this period:
- The Employees' Provident Fund (EPF) and Pension contributions after the age of 58 years until 60 years will depend on the specific policies and guidelines set by the Employees' Provident Fund Organization (EPFO) and the company.
- It is essential to refer to the EPF rules and any specific notifications issued by the EPFO regarding the contribution rates and requirements for employees continuing service beyond 58 years of age.
- Companies should review and align their contribution practices with the prevailing regulations to ensure compliance with the law and to provide accurate benefits to employees.
- It is advisable to consult with the HR department or legal experts well-versed in labor laws to understand the exact contribution percentages and requirements for EPF and Pension during the extended service period.
- Given the legal complexities involved in PF contributions post the age of 58 years, seeking guidance from legal counsel or HR professionals with expertise in labor laws is recommended to ensure adherence to statutory requirements and employee welfare.
For precise details on the contribution rates and guidelines applicable during this extension period, it is crucial to refer to the EPF laws and any subsequent notifications or circulars issued by the EPFO to ensure accurate and compliant PF contributions for employees aged 58 to 60 years in accordance with the updated retirement age regulations.
From India, Gurugram
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