Is it mandatory to deduct PF after 58 years?

Is it mandatory to deduct PF after 58 years?

As per the EPF scheme, an employee shall cease to be the member of EPS from the date of attaining 58 years of age or from the date of vesting admissible benefits under the scheme, whichever is earlier. Getty Images Employees who cease to be EPS (pension) members will get employer’s 8.33% contribution in PF. I am 66.

What is the maximum age for PF deduction?

58 years of
What is the age limit for EPF contribution? Contributions towards EPF can be made till 58 years of age, while the upper age limit for vesting of pension is 60 years.

Can employee contribute to EPF after 60?

All employees must contribute until the age of 75 with no minimum age. From the age of 60, only employer contributions are payable. The EPF contribution rates vary according to the employee’s age and whether they are a Malaysian/permanent resident.

How can I withdraw my PF after 58 years?

Withdraw EPF balance and full pension after 58 years of age After the age of 58, you can withdraw the full EPF amount as well as the pension. You need to fill and submit Form 10D to claim your full pension.

Can we deduct ESI after 60 years?

This period can be extended up to 730 days or till the insured person attains the age of 60 years whichever is earlier. The insured person and his family are also entitled to Medical Benefit during this extended period.

What is the EPF contribution rate for age above 60?

Who Can Contribute

Salary Employer
Contribution Rate
Employees aged below 60 years old and earns a salary of more than RM5,000 RM6,250 12%
Employees aged 60 and over with a salary of less than RM5,000 RM1,000 4%
Employees aged 60 and over with a salary of more than RM5,000 RM6,250 4%

How is PF penalty calculated?

Penalty for late payment: Under Section 14B, the following penalties need to be incurred in case of failure of EPF Challan payment.

  1. 5% interest p.a for a delay of upto 2 months.
  2. 10% interest p.a for a delay of 2-4 months.
  3. 15% interest p.a for a delay of 4-6 months.
  4. 25% interest p.a for a delay of more than 6 months.

How is PF amount calculated?

Contribution by you

  1. Male employees must contribute 10% or 12% of their basic salary.
  2. Female employees must contribute 8% of their basic salary for the first three years. Thereafter it becomes, 10% or 12% of the basic salary.

In which case withdrawal of EPF is not possible before attending age of 55?

As per the Indian PF law, a PF account becomes inoperative and does not earn further interest if an employee retires from service after 55 years or migrates abroad permanently or dies and does not apply for withdrawal of the balance within 36 months.

What happens to PF contributions after 58 years of service?

If they complete 58 years bring them into consultant role then there is no need to pay anything once all settlement over. If you want them to continue in roll all PF contributions goes to AC no 1, because they will receive pension after 58 years.

What is the duration of PF PF after 58 years?

PF can be continue after 58 years. The employee can claim Pension still in service. While uploding File in e-sewa and making contribution, you have to make contribution/payment in Provident Fund Account only.

How much will be deducted from my PF amount?

The total amount to be deducted from PF is dependent on the current interest rate for PF, and the current interest rate is 12%. Therefore the amount deducted from your salary will be 12% of the basic plus dearness allowance and also retaining allowance. The employee’s contribution to the PF is always equal to the employer’s contribution.

When pension contribution added to employer share of PF?

If an employee crosses 58 years of age and is in service since EPS membership ceases on completion of 58 years. If an EPS pensioner drawing reduced Pension and later re-joins as an employee. In both the cases given in second point the Pension Contribution @8.33% is to be added to the Employer Share of PF.