Hi
you are complicating your work and you will face lots of trouble if the option is given out for employees. For example if 100 joined in a month and 60 wants PF and 40 doesnt, how will you track it, so its better to decide by the management for only those who crossed the limit (newly joined) and not for the existing ones. Again a complication here, if your newly joined employee feels that the benefit is not given them is also creates problem.
My question here is, why you think of opting out of PF??? Now a days, PF is only saving for many people as the market prices are going high. so pls consider and never think of letting out of PF.
If you have taken a decision, yes there should be mutual concern from Employer & employee for opting out of PF and you can remove the PF component from your pay structure.