Can I become an EPFO member with a basic salary of Rs 10,000?
The primary objective of EPFO is to ensure financial security for employees during retirement.
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The Employees' Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment in India.
It manages provident fund schemes for employees in the organised sector. The primary objective of EPFO is to ensure financial security for employees during retirement.
Eligibility criteria for EPFO membership
The eligibility for EPFO membership is based on the following criteria:
1. Employees drawing a basic salary and dearness allowance up to Rs 15,000 per month are eligible for EPFO membership.
2. The establishment must be covered under the EPF Act, 1952.
3. A person must be between 18 and 58 years of age and should be an employee of an organisation with more than 20 employees
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Can I become an EPFO member with a basic salary of Rs 10,000?
Employees who are drawing the basic wages and dearness allowance up to Rs. 15,000 are alone eligible to become EPFO members.
Here are the details:- An employee with a basic salary of Rs 10,000 is ineligible for EPFO membership.
- Employees who are drawing the basic wages and dearness allowance up to Rs 15,000 are eligible to become EPFO members.
- Even if the salary exceeds Rs 15,000 in the future, the employee will continue to be a member, but the contribution will be restricted to Rs 1,800.
- The employer is also required to make a matching contribution up to Rs 1,800.
- Employees drawing more than Rs 15,000 can also become EPFO members by giving an option under para 26(6) of the EPF Scheme. This option must be submitted to the EPF office within six months of joining.
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06:25 PM IST