As per the notification from the Ministry of Labour and Employment dated 18th May 2020, the central government has decided to provide financial relief in their PF contribution for both employees and employers.Please refer the below link to configure within greytHR app.
You can choose the PF contribution percentage for the month of May, June, and July 2020.
Dear Chethan,
Thanks for sharing this. I have a doubt. Our employee contribution of PF, goes under PF component in GreytHR and appears in Payslip. Now the employer PF contribution is part of our CTC, so do we have to add that under different head like Full Employer PF?
Dear Customer,
We are providing the option to create a new component and pay out under gross separately.
The value of Full Employer PF remains the same and this can be done from your end as shown in the link.
If you are not willing to show in a separate components, then you need to create a support ticket so our team will change the formula and this differential amount will get adjusted in special allowance and the employee special allowance will increase accordingly.
Regards,
Chethan
Dear Chetgan,
Thank you. So if I need to see without this configuration what data is in FULL Employer PF or for that matter any other component, how to see that?
2nd question is - once we do these configuration, can we edit or revert back?
Thanks and regards,
Shefali
Dear Customer,
Please see the below screenshot and calculation for better understanding,If employer PF contribution is part of your CTC.
Yes,we can revert back the changes by creating the ticket and support team will assist you.
Regards,
Chethan
Hello Chetan,
We would like to continue to contribute 12% as before. Can we do this without doing any changes.
Is it mandatory to reduce the contribution to 10%. Kindly clarify.
Regards, Sreeja
Dear Sreeja,
You can continue with existing configuration 12%.
Its not a mandatory,but the decision is based on employer and employee whether to reduce the contribution to 10% for financial relief.
Regards,
Chethan
Dear Chethan,
If we go for 12% contribution this month, and decide to take relief and go for 10% contribution from next month, is that acceptable? Thanks.
Dear Customer,
There is no information in a notification on this, but we do have a provision to change based on month-wise and the decision is completely based on employer and employee since the PF contribution percentage for the month of May, June, and July 2020.
Regards,
Chethan
Please find the below video link of Covid-19 PF Relief Configuration Within greytHR application
