As per EPF Scheme the Act does not cover Excluded Employees and clause 2 (f) defines so
“excluded employee” mean—
(i) .......
(ii) an employee whose pay at the time he is otherwise entitled to become a member of the Fund, exceeds Fifteen thousand rupees per month;
He is presently employed on wages exceeding the wage limit for PF coverage till the time the wage limit is below his salary/wages. Now there is news of PF wage limit getting enhanced to Rs. 21000/- so review the position after the amendment to the PF Act is made thus.
As per para 26A(1) his membership in the PF Fund is not retained as per the following provision:
26A. Retention of membership
(1) A member of the Fund shall continue to be member until he withdraws under paragraph 69 the amount standing to his credit in the Fund
Since he has been unemployed for long (>6months) and has settled his PF account, his membership of the Fund is not retained and since he is presently out of the wage limit set under the Act for coverage, he could be considered to be out of PF coverage.