What would the solution be if the employer and employee contribute towards EPFO for an employee who is more than 58 but less than 59?
From India, Noida
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1From India, Noida
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Hi, PF can be continued even after 58 years but the Pension contribution (8.33%) will not continue and it should be added to Employer share of PF.
From India, Madras
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From India, Madras
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If you have already contributed, the system will divert it to PF from the Pension Fund.
From India, Kannur
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From India, Kannur
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Now, what can be done if amount has been submitted towards pension?
From India, Noida
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From India, Noida
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It will go to the employee's PF account.
There was a circular stating that if any employee would like to postpone or defer their pension, they can do so. By doing this, they would receive an additional amount of 4% if deferring the pension up to 59 years of age, or 8.16% if deferring until 60 years of age. This can be done with or without a contribution to the Pension account. For this, the member has to provide an option to the EPFO. As this facility is available, the system will show the amount contributed to the Pension account. However, when you apply for a pension and the options are traced out, the amount would be transferred to the PF account if it is found that no such option was filed by the employee.
To avoid confusion, you can write to the EPFO stating that the member's Pension account was wrongly credited by pension contribution and request that the same be transferred to the PF account. This will be sufficient.
From India, Kannur
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There was a circular stating that if any employee would like to postpone or defer their pension, they can do so. By doing this, they would receive an additional amount of 4% if deferring the pension up to 59 years of age, or 8.16% if deferring until 60 years of age. This can be done with or without a contribution to the Pension account. For this, the member has to provide an option to the EPFO. As this facility is available, the system will show the amount contributed to the Pension account. However, when you apply for a pension and the options are traced out, the amount would be transferred to the PF account if it is found that no such option was filed by the employee.
To avoid confusion, you can write to the EPFO stating that the member's Pension account was wrongly credited by pension contribution and request that the same be transferred to the PF account. This will be sufficient.
From India, Kannur
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PF Pension fund contribution beyond 58 years of age.pdf