Dear Sir,
I recently read in web as follows:
7: One can opt out of EPF if he wants
Yes!I know this might be a surprising fact for many , but if one’s basic salary per month is more than Rs 6,500, he has an option to opt out of EPF and not be part of it. In which case he will get all his salary in hand (without anything deducted every month). But the sad part is that one has to opt out of EPF in the start of his job. If a person has been part of EPF even once in his life, then he cant opt out of it. So if you have already had EPF in your life. This option is not for you, but if you are new to job and your EPF account number still does not exist, you can tell your employer that you don’t want to be part of EPF . You will have to fill up form 11 for this.
It was really new information for me.
I request our members to confirm the above information.
Thanking you,
Yours sincerley,
R. GANESAN.
