I want to come out of EPFO. I don,t want to contribute in EPFO.
My basic salary is also 24000/- per month which is out from minimum limit for PF deduction.
Is it that if I have once become a member of EPFO, I can’t exit it?
For tax saving purposes I have other tools.
I am planning to start my own business in coming 6 months.
That’s why I want to exit EPFO.
Pl clarify the rule
You are planning to start your own after 6 months, then why to worry for the current EPF deduction? You can withdraw the same after 6 months when you start your own.
Also, suppose your salary (Basic+DA) is more than Rs.15,000 DURING JOINING OF THE JOB, then YOU have rights to stay away from EPF. However, if your salary (Basic+DA) is less than Rs.15,000 and it increased more than that during the course of your employment, then you can’t stay away from EPF.