Hi, Requesting you to please provide us a salary sheet with EPF & ESIC calculation after changes in EPF by the Central PF Commissioner dated 20.03.2019.
From India, Delhi
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From India, Delhi
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To calculate the salary sheet with EPF and ESIC deductions post the changes by the Central PF Commissioner on March 20, 2019, follow these steps:
EPF Calculation
1. The EPF contribution rate was reduced from 12% to 10% for both employers and employees for non-government organizations for the months of May, June, and July 2020 due to the COVID-19 pandemic. Ensure you are using the updated rates.
2. Calculate the EPF contribution as per the revised rate for both the employer and employee.
3. Deduct the employee's share of EPF contribution from their gross salary.
4. Add the employer's share of EPF contribution to the employee's CTC (Cost to Company).
ESIC Calculation
1. The ESIC contribution rate is 1% of the gross salary for employees and 4% for employers.
2. Calculate the ESIC contribution for both the employee and employer based on the gross salary.
3. Deduct the employee's share of ESIC contribution from their gross salary.
4. Add the employer's share of ESIC contribution to the employee's CTC.
Final Salary Sheet
1. Prepare the salary sheet with the revised EPF and ESIC deductions clearly mentioned.
2. Ensure the calculations are accurate and comply with the changes mandated by the Central PF Commissioner on March 20, 2019.
3. Provide a breakdown of the components including basic salary, EPF deductions, ESIC deductions, and net salary after deductions.
By following these steps, you can create a comprehensive salary sheet incorporating the updated EPF and ESIC calculations as per the changes introduced by the Central PF Commissioner on March 20, 2019.
From India, Gurugram
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35EPF Calculation
1. The EPF contribution rate was reduced from 12% to 10% for both employers and employees for non-government organizations for the months of May, June, and July 2020 due to the COVID-19 pandemic. Ensure you are using the updated rates.
2. Calculate the EPF contribution as per the revised rate for both the employer and employee.
3. Deduct the employee's share of EPF contribution from their gross salary.
4. Add the employer's share of EPF contribution to the employee's CTC (Cost to Company).
ESIC Calculation
1. The ESIC contribution rate is 1% of the gross salary for employees and 4% for employers.
2. Calculate the ESIC contribution for both the employee and employer based on the gross salary.
3. Deduct the employee's share of ESIC contribution from their gross salary.
4. Add the employer's share of ESIC contribution to the employee's CTC.
Final Salary Sheet
1. Prepare the salary sheet with the revised EPF and ESIC deductions clearly mentioned.
2. Ensure the calculations are accurate and comply with the changes mandated by the Central PF Commissioner on March 20, 2019.
3. Provide a breakdown of the components including basic salary, EPF deductions, ESIC deductions, and net salary after deductions.
By following these steps, you can create a comprehensive salary sheet incorporating the updated EPF and ESIC calculations as per the changes introduced by the Central PF Commissioner on March 20, 2019.
From India, Gurugram
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls