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Can I Still Contribute To EPF And EPS After Turning 60?

Milind Vadjikar |1045 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Sep 22, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by BRAHMA on Sep 21, 2024Hindi

Money

Sir I am working in a company. I am 57 Years old. My boss has told me if you want to work even after the age of 60 years you may continue your service till you wish. My question is can I contribute in EPF and EPS after the age of 60 years. If yes, how it will impact my pension amount ?

Ans: You may contribute to EPF, after 60, without any issue.

EPS closes at 58 years but you may opt to defer it by 2 years with or without contribution.

Your EPS pension will start even if you work after 60.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Sir, I am 60 years old and already availing EPF Pension after completion of 58 years of age, now if join I join any company for about 3 to 4 years and company wants to provide me EPF scheme will it be possible to do so. Could you please clarify in this regard. Thanks

Ans: You can continue to contribute to the EPF scheme if you join a new company after availing EPF pension at the age of 58, provided that you are a full-time employee on the company’s payroll.

However, you will not be eligible to become a member of the EPS (pension) scheme again, as the EPS membership ceases once you start receiving pension after attaining the age of 58 years.

Therefore, the employer’s contribution of 8.33% that would otherwise go to the EPS will be added to your PF account instead. Hence, the total contribution of 12% employee and 12% employer will go in EPF.

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Question by Pradeep - Sep 15, 2024Hindi

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I have completed 60 years on 27July2024. Still working . I have made contribution in EPF and EPS till 60years. Now from August'24 whole contribution of Employers and Employees i.e. 24% deposited in EPF. My query is that at the age of 58years and 11 month , I was not aware hence not opt the facility of Deferred Pension with EPS contribution . Now what is the procedure for delay condone to avail this option . Secondly will I be eligible to avail the benefits of 4+4% and extended period of service will be considered for the calculation of Pension. With best regards, Pradeep Jain

Ans: When an employee crosses 58 years of age and is in service, EPS membership ceases on completion
of 58 years. The Pension Contribution by employer @8.33% is added to the Employer Share of EPF.

If you have the proofs of contribution to EPS beyond 58 years you may take it up with the assigned EPFO Jt Commissioner for delayed deferment intimation to be considered and get the deferment benefit of 4+4% and extended EPS contribution for pension eligibility.

If required please seek help from an expert in labour/EPF laws

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Hello Sir, I will be 60 years old in January 2025. I am still working in a company that has EPF and they want me to work for 2 more years. Can my EPF be kept active by contribution (both by employee and employer) for 2 more years?

Ans: Hello;

EPF: Yes, no age limit
EPS: NO

So entire 12% of employer contribution should go to EPF.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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