Retirement Age

Ask the Community
1

Hi Everyone,
I would like to know retirement age is to consider 58years or 60years? As per my knowledge according to Telangana Shops & Establishment is 60years. But some companies following 58years. Is there any specific law to consider 58years or is it okay as per statutory also?

What is the retirement age followed in IT companies?

Please provide me your inputs which will be helpful to me a lot.

Thanks in advance.

Regards,
Sowjanya

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2

Hey @SOWJANYA1 .

In India, the retirement age in IT is between 58 and 60 years in the private sector. For central government employees, it is 60 years. Based upon further company policies one year can be picked.

Hope that helps.

Community Manager.

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3

Thank you Mr.Kaulin!
So we can choose 58 or 60, on company’s discretion right?

Regards,
Sowjanya

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4

Yes @SOWJANYA1 , It’s at your discretion.

Hope this helps.

Community Manager.

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5

Hi,

What if the employee decided to continue working despite being 60 - are there any additional statutory compliance the employer needs to fulfill?

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6

Hi Ludy,
If company requires his/her services after retirement procedure, you can hire them as a Consultant subject to TDS deductions only as applicable.

Regards,
Sowjanya

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7

Hello,

So can he already stop to contribute with PF also?

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8

Hey @Ludy ,

If an employee completes his or her 60 years then he or she can’t be on payroll, means there would not be any deduction like PF & ESI. They can be work in the company on contract basis only & for the contractual employees, there is no any deduction like PF & ESI.

Hope this helps.

Sandeep.

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9

Dear Sandeep,

Thank you for the information… :slight_smile:

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10

Hi Sandeep,

image

This was shared by our employee turning 60 next month - this confirms your reply right? what I just do not understand is " And the 8.33% contribution from employer side will go towards EPF fund" - can you expound please…

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11

Dear @SOWJANYA1,

Do you have a template for the contract of a consultant - can you please share if you do? :slight_smile:

thank you.

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12

Hi @Ludy .

Here is an extract of FAQs from EPF portal

You can see a range of queries and answers.

Hope this works for you.

Community Manager.

13

Hey Ludy,
That’s correct. In EPFO the retirement age is 58years so employee & employer Pension contribution(EPS) will be directly contributed into EPF Fund. Based on the retirement age in any company, the PF contribution can be done till his/her retirement in the company but no more Pension contribution.

Hope this will clear your query.

Regards,
Sowjanya

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14

Dear Ludy,
Share with me your email id.

Regards,
Sowjanya

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15

Hello Sowjanya1,

it is Ludymar.bernal@lindner-group.com :slight_smile:

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16

How could it rectify if it wrongly credited to Pension fund.

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17

Hi Ludy,
Shared the same.

Regards,
Sowjanya

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18

Dear Sowjanya1,

Appreciate it.

Thanks a lot.

1 Like