Can an Employee Opt Out of Provident Fund After Promotion Raises Basic Pay Above 15,000?

The basic pay and dearness allowance (DA) of an executive have been increased due to promotion, and now his revised basic pay and DA exceed 15,000/-. He now wishes to give up his provident fund (PF) benefit. However, since he has been a member of the PF since joining, is it possible for him to make such a declaration?

An EPF member cannot discontinue his membership while in employment. The answer to your query is "No option."

In this case, the only way an employee can opt out of PF would be when he resigns from the organization and then withdraws and closes the active UAN. Till then, he would have to be in PF.