What if one not opted for PF due to contract employment and what are the challenges as a person he has to go through and if he wish to opt for PF again what could be the chances and changes he ought to make
From India, Hyderabad

Hi Shivaprasad,
You should appreciate the fact that EPF & EPS are social benefits for the member employees and there is no option whether or not to become a contributing member employee. Employers are legally bound to comply this statutory obligation.
Not Participating in EPF scheme not only illegal but also you forego other linked benefits like
i) equivalent contribution from the employer
ii) interest on the contributions from both employee & employer for the accumulation in this a/c
iii) EPS-when you become member of EPF scheme by opening up your a/c & start contributing, a portion of matching contribution from employer's contribution is automatically bifurcated and added in your Pension a/c.
iii) DLI-Insurance in the event of death benefit
iv) Income tax reliefs under sec.80C for this contribution upto Rs.1.50 lakhs.
v) Nomination facilities in the event of death of a member and family pension after the demise of member etc.

From India, Bangalore

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