For the assistance of employers
30.04.2023
Dear friends,
On the repeated requests from some employers directly as well as through their employees/ pensioners, for their assistance, we have prepared a “Template (30-04-2023) for Higher Wages at Employer’s end”. It will be useful for Employers to convert wage data into uploadable Text file as required by EPFO.
Instructions for filling the Excel File (Data to be filled in PINK CELLS only)
The rules related to the calculation of Interest on Provident Fund Contributions are laid down under Para 60 of the Employees’ Provident Fund Scheme 1952. The interest is credited on monthly running balance basis. The closing balance for the year will be Opening balance + Contributions – withdrawal (if any) + Interest.
It consists of 5 excel sheets.
1. Validations for the document: To be uploaded by employer for adding Monthly Wage Details.
2. PF Interest Rate: As per latest Annual Report of EPFO.
3. PF Interest Calculation: How is the PF Interest calculated.
4. Excel file: Which data is to be fed in the file for each employee to get the calculations done automatically.
5. Uploadable Text file: Which data is to be uploaded in the EPFO portal by employers.
ALL ARE REQUESTED TO PLEASE READ “FILES TO BE REFERRED BY EMPLOYER TO UPLOAD HIGHER WAGES DATA” (https://bit.ly/42bYE91) AND INSTRUCTIONS SHEETS CAREFULLY BEFORE PROCEEDING
Though every care is taken in preparing this file based on our understanding of scheme, however we are developing it for the first time on demand of various stakeholders especially small organisations. In case someone notices any mistake and considers improvement in the calculations, he/she must send filled EXCEL FILE to Mr. Neeraj Bhargava, Jaipur at pensionseva.jpr@gmail.com for looking into the same immediately along with their organisation details like Name of organisation, Code number, Type of organisation i.e., Exempted/Unexempted etc. etc.
It has been noticed that EPFO is modifying Higher Wages Help File Structure frequently. Please check EPFO portal regularly.
Disclaimer:
It is to be clarified that these files are indicative/suggestive only and have been prepared voluntarily to the best of our ability. However, there might be any mistake in its development and as such everyone concerned is requested to please cross check the details/ calculations/ output before uploading the same on the portal. These are only for their assistance.
Parveen Kohli
9810306699
From India, Gurgaon
330.04.2023
Dear friends,
On the repeated requests from some employers directly as well as through their employees/ pensioners, for their assistance, we have prepared a “Template (30-04-2023) for Higher Wages at Employer’s end”. It will be useful for Employers to convert wage data into uploadable Text file as required by EPFO.
Instructions for filling the Excel File (Data to be filled in PINK CELLS only)
The rules related to the calculation of Interest on Provident Fund Contributions are laid down under Para 60 of the Employees’ Provident Fund Scheme 1952. The interest is credited on monthly running balance basis. The closing balance for the year will be Opening balance + Contributions – withdrawal (if any) + Interest.
It consists of 5 excel sheets.
1. Validations for the document: To be uploaded by employer for adding Monthly Wage Details.
2. PF Interest Rate: As per latest Annual Report of EPFO.
3. PF Interest Calculation: How is the PF Interest calculated.
4. Excel file: Which data is to be fed in the file for each employee to get the calculations done automatically.
5. Uploadable Text file: Which data is to be uploaded in the EPFO portal by employers.
ALL ARE REQUESTED TO PLEASE READ “FILES TO BE REFERRED BY EMPLOYER TO UPLOAD HIGHER WAGES DATA” (https://bit.ly/42bYE91) AND INSTRUCTIONS SHEETS CAREFULLY BEFORE PROCEEDING
Though every care is taken in preparing this file based on our understanding of scheme, however we are developing it for the first time on demand of various stakeholders especially small organisations. In case someone notices any mistake and considers improvement in the calculations, he/she must send filled EXCEL FILE to Mr. Neeraj Bhargava, Jaipur at pensionseva.jpr@gmail.com for looking into the same immediately along with their organisation details like Name of organisation, Code number, Type of organisation i.e., Exempted/Unexempted etc. etc.
It has been noticed that EPFO is modifying Higher Wages Help File Structure frequently. Please check EPFO portal regularly.
Disclaimer:
It is to be clarified that these files are indicative/suggestive only and have been prepared voluntarily to the best of our ability. However, there might be any mistake in its development and as such everyone concerned is requested to please cross check the details/ calculations/ output before uploading the same on the portal. These are only for their assistance.
Parveen Kohli
9810306699
From India, Gurgaon
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
+1 Other
Showing error from mAY 2012 as payable amount is not calculated in coloumn No.7
From India, Jabalpur
From India, Jabalpur
After prepare file as per your format following message showed on the employer portal at the time of uploading txt. file
"Invalid file,kindly upload a valid file as per the format given in the instructions".
kindly guide,
regards
From India, Shimla
"Invalid file,kindly upload a valid file as per the format given in the instructions".
kindly guide,
regards
From India, Shimla
Thanks Mr. Praveen Kohli for the post. I have basic questions to my mind as mentioned below regarding higher pension:-
1. How may organizations are paying Employer's contribution beyond statutory limit which is today 15,000/- per month ? My gut feel it may be 30 % of total EPFO covered organizations. Therefore, it will be gain only for 30% (appx) organizations.
2. All past accumulation including interest will be transferred from EPF Account to EPS Account. This will result less accumulation in EPF account. Moreover, there will be 1.16% additional contribution i.e at present 8.33% will be 9.49% which will again impact on EPF accumulation.
3. If the money is in EPF account, the employee and his family can enjoy it even after the death of the employee. But in EPS fund when self and spouse both will expire, the money will be vanished.
4. In future EPFO may change the formula for pension calculation and as it appears today - in future it may be less.
There is possibility of many other ifs and buts in future. One should take a call after considering all pros & cons.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
1. How may organizations are paying Employer's contribution beyond statutory limit which is today 15,000/- per month ? My gut feel it may be 30 % of total EPFO covered organizations. Therefore, it will be gain only for 30% (appx) organizations.
2. All past accumulation including interest will be transferred from EPF Account to EPS Account. This will result less accumulation in EPF account. Moreover, there will be 1.16% additional contribution i.e at present 8.33% will be 9.49% which will again impact on EPF accumulation.
3. If the money is in EPF account, the employee and his family can enjoy it even after the death of the employee. But in EPS fund when self and spouse both will expire, the money will be vanished.
4. In future EPFO may change the formula for pension calculation and as it appears today - in future it may be less.
There is possibility of many other ifs and buts in future. One should take a call after considering all pros & cons.
S K Bandyopadhyay ( WB, Howrah)
CEO-USD HR Solutions
+91 98310 81531
USD HR Solutions – To Strive towards excellence with effort and integrity
From India, New Delhi
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