Dear Experts,
One of our employee completed 10 years service (Superannuation period) in our company and he had EPF & EPS contribution for 10 years. Then, can i stop to pay EPS contribution to EPFO for that perticuler employee? That means,
till now we paid 12% from employee salary to PF account,
3.67% from employer to PF account,
8.33% from employer to Pension account.
If i stop to pay EPS contribution:
will pay 12% from employee salary to PF account
12% from employer to PF account.
Is it right process to follow? please suggest and give your valuable support.
Thank you.
Regards
Durgarao
From India, Hyderabad
One of our employee completed 10 years service (Superannuation period) in our company and he had EPF & EPS contribution for 10 years. Then, can i stop to pay EPS contribution to EPFO for that perticuler employee? That means,
till now we paid 12% from employee salary to PF account,
3.67% from employer to PF account,
8.33% from employer to Pension account.
If i stop to pay EPS contribution:
will pay 12% from employee salary to PF account
12% from employer to PF account.
Is it right process to follow? please suggest and give your valuable support.
Thank you.
Regards
Durgarao
From India, Hyderabad
Dear Durgarao,
Who told you that 10 years service as superannuation period. 10 years is the minimum service for eligibility of pension. Superannuation is the completion of 58 years' age. If the employee attained 58 years' age, you have to cease the contribution to EPS and full contribution is to be paid to EPF. If not, there is no provision to discontinue from EPS till relieving from service.
Abbas.P.S
From India, Bangalore
517Who told you that 10 years service as superannuation period. 10 years is the minimum service for eligibility of pension. Superannuation is the completion of 58 years' age. If the employee attained 58 years' age, you have to cease the contribution to EPS and full contribution is to be paid to EPF. If not, there is no provision to discontinue from EPS till relieving from service.
Abbas.P.S
From India, Bangalore
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
EPS - Wage Limit increase_01.09. 2014.pdf
Company Letter for Completion 01 Month Notice.docx
PMRPY-DEDUCTION -SOLUTION.xls