Hi,
I just wanted to know if it is possible for an employee to opt out of PF is his/her salary/basic pay exceeds a certain amount. Or is it mandatory for everyone to be enrolled under PF irrespective of the salary they receive.
From India, Bangalore
2I just wanted to know if it is possible for an employee to opt out of PF is his/her salary/basic pay exceeds a certain amount. Or is it mandatory for everyone to be enrolled under PF irrespective of the salary they receive.
From India, Bangalore
Hi Shoba,
According to me if the basic of any one is more than Rs 6500 than he can opt out of the PF i mean it will not be mandatory for anyone to come under the PF. For your reference i have attached a link which contains the discussion on the same topic.
<link no longer exists - removed>
Regards
Amith R.
From India, Bangalore
According to me if the basic of any one is more than Rs 6500 than he can opt out of the PF i mean it will not be mandatory for anyone to come under the PF. For your reference i have attached a link which contains the discussion on the same topic.
<link no longer exists - removed>
Regards
Amith R.
From India, Bangalore
Thanks a lot for your quick response. I have one more clarification. In case a person has enrolled under PF, then is it still posssible to opt out of it? I have just joined a company recently. I have still not yet filled out my PF form. However, deductions towards PF have been made for the last 3 months.
From India, Bangalore
From India, Bangalore
Hi Shobha,
It is true that if the basic salary is more than Rs.6,500/- the person can be optied out of the PF. But there is a condition.
If the person is earlier paying the PF, and change any company he/she has to pay the PF.
If there is a gap of service for more than 6 months, then he/she can opt out the PF option.
PF comes under 80c savings and you have to make saving of 1L, this will come handy.
suneel.
From India, Bangalore
It is true that if the basic salary is more than Rs.6,500/- the person can be optied out of the PF. But there is a condition.
If the person is earlier paying the PF, and change any company he/she has to pay the PF.
If there is a gap of service for more than 6 months, then he/she can opt out the PF option.
PF comes under 80c savings and you have to make saving of 1L, this will come handy.
suneel.
From India, Bangalore
legal position ; to opt out of PF membership, two condition are applicable
a) employees basic should exceed RS. 6500/-p.m.
b) He/She should not have PF membership exist at the time of joining the new company. in other word, he/she should have withdrawn PF of earlier company befor ejoing the new Company. This position is governed by the defination of excluded employee under para 2(f) of the EPF & MP Scheme 1952.
paresh pathak mail queries on
From India, Mumbai
a) employees basic should exceed RS. 6500/-p.m.
b) He/She should not have PF membership exist at the time of joining the new company. in other word, he/she should have withdrawn PF of earlier company befor ejoing the new Company. This position is governed by the defination of excluded employee under para 2(f) of the EPF & MP Scheme 1952.
paresh pathak mail queries on
From India, Mumbai
[Dear All
Update your legal knowledge. For PF there has to be employer - employee relationship. Even if any employee is drawing more than 6500 pm basic, PF is compulsory for him.
Upper limit for basic is Rs 6500 / pm. If any employee is having more basic than Rs 6500/ employer has a option to pay PF on Rs 6500 / only.
For example if your basic is Rs 10,000 .
Employer can pay his contribuion taking your basic as Rs 6500/ only. THEN IN THAT CASE NO NEED TO PAY ON ACTUAL BASIC.
regrads
Nitin Nikam
Update your legal knowledge. For PF there has to be employer - employee relationship. Even if any employee is drawing more than 6500 pm basic, PF is compulsory for him.
Upper limit for basic is Rs 6500 / pm. If any employee is having more basic than Rs 6500/ employer has a option to pay PF on Rs 6500 / only.
For example if your basic is Rs 10,000 .
Employer can pay his contribuion taking your basic as Rs 6500/ only. THEN IN THAT CASE NO NEED TO PAY ON ACTUAL BASIC.
regrads
Nitin Nikam
Hi ppl, the PF knowledge is really helpful.Can someone give me some idea about Minimum wages that should be paid to the employees. Regards Rajdeep
From India, Mumbai
From India, Mumbai
Hi Nitin,Just in case if emplyer is showing in CTC as it is giving the same PF as we are as employee (for baisc more than 6500rs)but actually only putting money in the PF account considering baisc as 6500/- per month.Then how to identify this.
Thanks in advance
Thanks in advance
HI,
How to file for the Exemption of PF, since i don't know which form and what the process to file for Exemption of PF my basic is more the 6500. Now it been 2 Year as an employee in a company. I want to file for PF Excemption.
Waiting for Reply.
With Regards,
Syed Haji :icon1:
From India, New Delhi
How to file for the Exemption of PF, since i don't know which form and what the process to file for Exemption of PF my basic is more the 6500. Now it been 2 Year as an employee in a company. I want to file for PF Excemption.
Waiting for Reply.
With Regards,
Syed Haji :icon1:
From India, New Delhi
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Exemption under Sec.17(1)(a) of PF Act 18.11.2011.pdf