- This topic has 21 replies, 9 voices, and was last updated 1 year, 2 months ago by
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UI am 22M and just started my career. I got an offer from a startup and they are suggesting me to opt out of PF. The team is small and my pay is more that 15,000 and I dont have any PF account.
When I asked HR that I want PF, they is suggesting all the PF will be deducted from my salary and employer will not contribute to it. During salary negotiations, I clarified that the salary discussed will the amount which will credited to my bank account excluding PF and other benefits.
Also, they are kind of spiking my overall package with 1.60 L medical insurance. When I asked about why is it so high, they did not have any strong explaination. They mentioned that they have to pay fees for registeration and it will cover your family etc. As far as I know, I dont think it costs that much. They mentioned that its a GMC (General Medical coverage)
This is my first job and I don’t know if its right.
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V1.60L medical insurance on ctc is definitely a new scam in the market. It could be max to max 20-40k by default unless you opt in for dependents.
Also that not taking PF right now is going to cause you a huge amount of background check issue later on in MNC’s.
Accenture and others will reject your experience directly for not having a proper PF history.
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GEPFO has 2 components. One portion paid by the employee, and another (matched upto a certain % of salary) contributed by the employer. The employer portion cannot be deducted from your salary. Try to get an employment lawyer and speak to them in case of questions.
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EDon’t talk to your HR verbally. Communicate over email. If they give it in writing on email that even the employer part will be deducted from your salary, then they will be at major fault.
Also ask for formal appointment letter which will also have clear CTC including all deductibles and in hand salary mentioned.
Nothing should be deducted from your salary except your part of PF and professional tax.
Everything else incurred insurance is their responsibility. You should not be paying for it.
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AAre they covering your life insurance for the next 3 years? For someone your age, insurance should be at max 15-20k including family. Even with all included 50k (2 senior citizens, 2 adults, 2 kids)
PF is mandatory for 15+ employees. Startups cut corners when it comes to policies and compliance and that’s why they are pushing you to opt out of it. Get in and get out when you get a better opportunity.
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UNo, just General Medical insurance. And the funny part is, the coverage is only 3 lacks for some reason and they are not able to justify that number.
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BTell them you will pay your medical insurance on your own, because then your premium would remain the same throughout and will cover you even if you decide to move or start your own venture. Also instead of PF start investing in SIP’s which will give more returns in the longer run.
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MGo for your own medical insurance group or gen medical insurance has higher chance of getting rejected.
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UNoted. But for some reason, I guess they have added that insurance just for the sake of inflating my package. We negotiated based on my in hand salary and especially clarified that the PF and all is separate from these. But they did not even include PF in the offer letter and when I confronted them they said that if I want PF then it will be deducted from my salary only
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KGo for PF as this shows your employment history.
Whether it should be deducted from your salary or not that’s a separate discussion.
If you can contribute from pocket I would suggest to go ahead with it.
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UWithout PF my experience will be invalid? If I opt for PF then I will be left with very little to no savings at the end of the month. Thats why I am considering to opt out if it is worth it
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