As per section 12 of the EPF & MP Act, you are not expected to reduce the PF qualifying salary. At the same time, if the present PF qualifying salary is above Rs 15000, that can be brought down to Rs 15000, but no way you can reduce it further. However, if the situation is so poor that th company cannot move ahead without a cost cut affecting the PF salary also, you can try to convince the appropriate authorities. Since the statutory minimum wages is above Rs 15000 in most of the scheduled employment, I don't feel it will be approved.