As per the Employees' Provident Fund (EPF) Act of India, all employees - irrespective of their designation or role within the organization - are eligible for Provident Fund (PF) deductions, as long as the company has more than 20 employees.
This includes individuals serving on the management body or those holding the position of CEO. The key factor is that they are salaried employees of the organization. Therefore, unless the CEO is a part-owner or a partner and does not draw a salary, he/she will be eligible for PF deductions.
However, there is an exemption clause under Paragraph 27A of the EPF Scheme, according to which any employee whose pay exceeds Rs 15,000 per month at the time of joining, is given an option to opt out of EPF.
But, once an employee becomes a member of EPF, they cannot opt out of it until they retire or resign and remain unemployed for a continuous period of 2 months.
It's important to consult with a labor law expert or legal advisor to understand the detailed implications and legal requirements related to the EPF Act. They can guide you with the most accurate information tailored to your specific situation.