1. If an employee joins at age of 55 and had no earlier epf account whether need to put employer contribution to pension or 12% of employer contribution to pf fund?
2. An employee withdrawn pf fund maintaining pension fund only.if that employee joins new organisation and has salary above15000whether employer has to put pension fund contribution or 12%to pf fund only.whether he can transfer his pension account or should apply for scheme certificate?
3. If an employee joins at 70 whether to deduct PF?
From India, Hyderabad
12. An employee withdrawn pf fund maintaining pension fund only.if that employee joins new organisation and has salary above15000whether employer has to put pension fund contribution or 12%to pf fund only.whether he can transfer his pension account or should apply for scheme certificate?
3. If an employee joins at 70 whether to deduct PF?
From India, Hyderabad
1. Since he has joined at his 55 years of age, you can contribute both PF and Pension fund.
2. If the withdrawal of PF has taken place after attaining 55 years of age, you can exclude him from PF and pension fund. he cannot transfer Pension fund if he is not given PF in the present establishment. In such cases he can get scheme certificate and use it when he attains 58 years of age for drawing pension.
3. If this employee of 70 years of age is not a PF pensioner or was not a member of PF earlier, then he should be given coverage in the present establishment. he should nt be covered under Pension fund but the entire 12% of the employer should go to PF account.
From India, Kannur
2. If the withdrawal of PF has taken place after attaining 55 years of age, you can exclude him from PF and pension fund. he cannot transfer Pension fund if he is not given PF in the present establishment. In such cases he can get scheme certificate and use it when he attains 58 years of age for drawing pension.
3. If this employee of 70 years of age is not a PF pensioner or was not a member of PF earlier, then he should be given coverage in the present establishment. he should nt be covered under Pension fund but the entire 12% of the employer should go to PF account.
From India, Kannur
Sirs
Adding to that ,i have query in my organization a manager attained his retirement age this month, but our management like to extend is service with new portfolio and assignments
If it so ,what should be done on his payroll ,Pf from next month onwards
Do he continue to be on roll itself from next month or differentiate
Pls advice
Baskar
From India, Chennai
Adding to that ,i have query in my organization a manager attained his retirement age this month, but our management like to extend is service with new portfolio and assignments
If it so ,what should be done on his payroll ,Pf from next month onwards
Do he continue to be on roll itself from next month or differentiate
Pls advice
Baskar
From India, Chennai
That depends upon your management decision. After 58 years if he is hired or continued in service you can contribute PF but no amount shall be remitted in the Pension Fund account. That means, the entire 12 % of the employer's share to be remitted in the PF without bifurcating 8.33% of salary to pension and balance only to PF.
If the management wants to exclude this person from PF, then he will have to withdraw the PF.
From India, Kannur
If the management wants to exclude this person from PF, then he will have to withdraw the PF.
From India, Kannur
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Retirement Age Calculator 58 years.xls
2016 Nov 01 Payment of PF & EPS on the date of retirement.pdf