Understanding EPF Exclusion for Employees Earning Above 15K

I was reading an article where it was stated that if an employee whose salary (Basic plus DA) is more than 15k at the time of the entry of employment can stay away from the EPF scheme. Is this true?

If yes, then it means the company also need not pay EPF for the employee, or is this exemption only for employee contribution and not for Employer Contribution?

Do not confuse with contributions. If it is applicable, you need to recover both contributions as such. But as per the act, any salary >15K drawn by an employee, you need not recover EPF contribution. Needless to say, do not pay employer contribution for that employee also.

Does this mean that if the employee is earning more than 15k, then he can waive off EPF?

Absolute. Those drawing more than 15k are called excluded employees under the EPF Act. You need not recover contributions for them.

15 is basic+DA, not the total wages. If basic is greater than 15k, the employee is not eligible for PF deduction.