One of our employees has completed 58 years on 31.12.2021 and retired from EPS, He Continue his work in the company, and wanted to continue his contribution in PF. However, he wants to submit form 10D to start his pension. Whether his EPF account will be closed if we have put the exit date as 31.12.2021. Please guide
From India, Mumbai
From India, Mumbai
Dear Colleague,
On attaining Superannuation,
PROVIDENT FUND:
The employee can close is Provident Fund and get the benefit settled or he can continue the PF Coverage and Contribution until he is in the extended service period. This is as per his option and employers' option. Employer and Employee both can contribute to PF till he gets his employment contract gets closed.
EMPLOYEES PENSION FUND:
However he can not continue to be a member under EPS - the pension scheme. This will get closed and the pension benefits will be settled to him as and when he is not employed. If he is employed, then he can apply and get SCHEME CERTIFICATE. Once he is out of employment, then he can surrender the Certificate and get his pension. But from the month of Superannuation, there can not be any contribution to EPS.
From India, Chennai
309On attaining Superannuation,
PROVIDENT FUND:
The employee can close is Provident Fund and get the benefit settled or he can continue the PF Coverage and Contribution until he is in the extended service period. This is as per his option and employers' option. Employer and Employee both can contribute to PF till he gets his employment contract gets closed.
EMPLOYEES PENSION FUND:
However he can not continue to be a member under EPS - the pension scheme. This will get closed and the pension benefits will be settled to him as and when he is not employed. If he is employed, then he can apply and get SCHEME CERTIFICATE. Once he is out of employment, then he can surrender the Certificate and get his pension. But from the month of Superannuation, there can not be any contribution to EPS.
From India, Chennai
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Employee Appraisal Form new.doc