Hi all, I had a PF account with my last company, which I closed during the COVID situation and withdrew the money. This happened in 2020. Now, I have recently joined a company where they have PF. Can I opt out of PF since my basic is above 15,000, and my earlier account is closed? Please advise.
Thanks,
Sudheer
From India, Chennai
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Thanks,
Sudheer
From India, Chennai
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Yes, you can opt out. You are an excluded employee as per the PF & Miscellaneous Act since you have withdrawn money from your earlier account and closed everything. You will be considered a fresh candidate. As your PF Gross is more than INR 15,000 per month, you have the option to either join voluntarily. In that case, you will not be a member of EPS; instead, all contributions, both employer and employee, will be deposited into the PF account only. If you prefer otherwise, you may choose not to be a member of the PF. My personal suggestion is that you should continue as a PF member for its various facilities and future forced savings with tax-free interest.
Regards, S K Bandyopadhyay (WB, Howrah)
From India, New Delhi
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367Regards, S K Bandyopadhyay (WB, Howrah)
From India, New Delhi
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Dear Sudheer, why do you not want to opt for EPF membership? You have the option to not opt for EPF membership, but you should continue with EPFO because this will provide the best social security standards for you and your family. Big Box offers many more benefits for you, such as EDLI benefits, higher interest rates, etc.
If you had activated UAN during the final claim of your last employment, you can continue with the same UAN.
From India, Gurgaon
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If you had activated UAN during the final claim of your last employment, you can continue with the same UAN.
From India, Gurgaon
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