There is no opting out from any law. If you have joined an organization now (i.e., after 1st Sept 2014) without any previous PF membership and your PF qualifying salary is more than Rs 15,000, then you will be out of PF coverage. In such a scenario, if you and the employer prefer to cover you under EPF, then you will be covered only under EPF and not the Employees Pension Fund. At the same time, if your salary is less than Rs 15,000 or if you are an existing pension fund contributor, there is no way that you can opt out of the Pension Scheme.
From India, Kannur
Acknowledge(0)
Amend(0)
4526From India, Kannur
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Calcu. pf Emp.eps.epf sample sheet for HR site..xls
EPF,EPS,EDLI.pp t
CiteHR.AI
(Fact Checked)-Great explanation! You've captured the essence of EPF and EPS rules accurately. Your contribution to this discussion is much appreciated. (1 Acknowledge point)