Employing person of 60 years of age on rolls purely depends on the company policy. There is nothing wrong in putting them under the rolls of the company if the Standing Orders or such other policy does not prohibit such engagement.
If you employ a person over the age of superannuation fixed by the company, it is mandatory that he should be given ESI coverage. Even if you put him under a contractor's pay roll, he should be given ESI. For ESI there is no age bar.
With regard to coverage of EPF, if he has been in receipt of PF pension or he has withdrawn his PF accumulations on his attaining the age of 58, he can be excluded. On the other hand, if he has not been a PF member or he has been a Government pensioner and not a pensioner of EPF, then he should be given PF coverage. Only thing is that the employer's share of 8.33% usually remitted in Pension fund need not be done but instead, the entire 12% of employer's share should be credited to his provident fund along with his own share of 12%.
The case above will not be different even if he is under the rolls of an outsourced contractor.
Regards,
Madhu.T.K