PENSION SCHEME ELIGIBLITY in PROVIDENT FUND (EPS)

Ask the Community Statutory Compliance
1

Dear Team, Please clarify the below points…

  1. An employee having Monthly Gross Wages of more than 15000 at time of Joining the Company is eligible for Pension scheme or not…

  2. An employee, who is already a member of Pension Scheme at the time of joining the New Company, but his Gross Salary is more than Rs.15000/- in the New Company… Pls. confirm whether he is eligible for Pension Scheme in New Company or not…

  3. An employee, who is a member of Pension Scheme before 1st September 2014, but his Gross Salary now is more than Rs.15000/-… Please confirm, whether he is eligible to continue the Pension Scheme or not…

  4. An employee, whose Gross Salary is less than Rs.15000/- at the time of joining the Company, but his Gross Salary is increased to Rs.18000/- after One year… Please confirm whether we need to remove him from Pension Scheme or not…

Thanks…

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If the company is making PF contributions, then the EPF deduction will also has the Pension deduction irrespective of Gross salary and joining date as long as it is applicable from employee DOJ. But for Pension contributions, age limit is 58years at EPFO.

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