Provident fund deduction, on extended service.

Our company employees retirement
age is 58 years.

One employee will retired on 31st Oct.2023.

Our company wish to continued him up to 60 years ( 2 years extension in service )

Can we continued as a regular employee & deduct PF from his salary as under.
12% employee contribution in PF + 8.33% employer contribution in pension fund + 3.67% employer contribution in PF

If yes it is Ok.& if No, we decided another Option.

Appointed on contract basis & deduct 1% TDS.

Pl.guide above for points