Dear Seniors, Some of our employee crosses 58 years of age & still continue .Plz tell me , we should continue their PF deduction. or not. plz guide me?
From India
From India
80
after 58 years of age, only pension fund contribution stops and full amount of contn goes to EPF. It is left the management to extend this facility to an employee.
From India, New Delhi
From India, New Delhi
After 58 years of age it is at the discretion of employee and management whether they want to deduct PF or not. Even if contribution is made to PF it does not form part of pension.
From India, Mumbai
From India, Mumbai
Dear Jagat Kumar ji,
Could you please justify your above statement with the help of exact provision under the EPF&PF Act 1952?
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From India, Mumbai
Could you please justify your above statement with the help of exact provision under the EPF&PF Act 1952?
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From India, Mumbai
Provident Fund is a retiring benefit to an employee. This benefit is applicable until such time the employee ceases to be an employee in an organization. If an employee is continued after his retirement or reaches the age 58, 59, 60...still it warrants that this fund be contributed by the employer. The ILO has increased the retirement age and some countries are already following.
Further, the continuation of this contributions will be a motivation factor for other employees too! It brings out the importance that you have posted on the elders as well as in a situation where employees are thinking of changing employment every other day!
From Sri%20Lanka, Dehiwala
Further, the continuation of this contributions will be a motivation factor for other employees too! It brings out the importance that you have posted on the elders as well as in a situation where employees are thinking of changing employment every other day!
From Sri%20Lanka, Dehiwala
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PF Pension fund contribution beyond 58 years of age.pdf