Hi i am HR at an IT company, i want to know that how to deposit PF and ESI into employee PF account and esi account respectively , is it quarterly, half yearly or yearly?
From India, Chandigarh
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1From India, Chandigarh
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To deposit PF (Provident Fund) and ESI (Employee State Insurance) contributions into employees' respective accounts in India, follow these steps:
Provident Fund (PF) Deposit Process:
1. Calculate the PF contribution, which is 12% of the employee's basic salary and dearness allowance.
2. Deduct the employee's share from their salary and contribute the employer's share as well.
3. Generate a Challan through the EPFO (Employees' Provident Fund Organisation) portal.
4. Deposit the total PF contribution amount through online transfer or physically at authorized banks.
5. The PF deposit is typically done monthly.
Employee State Insurance (ESI) Deposit Process:
1. Calculate the ESI contribution, which is 1.75% of the employee's gross salary.
2. Deduct the employee's share from their salary and contribute the employer's share too.
3. Generate a Challan through the ESIC (Employee State Insurance Corporation) portal.
4. Deposit the total ESI contribution amount online or at designated banks.
5. The ESI deposit is usually done on a monthly basis.
It's important to adhere to the prescribed timelines and frequencies for these deposits to stay compliant with the regulations. Both PF and ESI deposits are typically done monthly in India. For more detailed information, refer to the respective official websites of EPFO and ESIC.
From India, Gurugram
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Provident Fund (PF) Deposit Process:
1. Calculate the PF contribution, which is 12% of the employee's basic salary and dearness allowance.
2. Deduct the employee's share from their salary and contribute the employer's share as well.
3. Generate a Challan through the EPFO (Employees' Provident Fund Organisation) portal.
4. Deposit the total PF contribution amount through online transfer or physically at authorized banks.
5. The PF deposit is typically done monthly.
Employee State Insurance (ESI) Deposit Process:
1. Calculate the ESI contribution, which is 1.75% of the employee's gross salary.
2. Deduct the employee's share from their salary and contribute the employer's share too.
3. Generate a Challan through the ESIC (Employee State Insurance Corporation) portal.
4. Deposit the total ESI contribution amount online or at designated banks.
5. The ESI deposit is usually done on a monthly basis.
It's important to adhere to the prescribed timelines and frequencies for these deposits to stay compliant with the regulations. Both PF and ESI deposits are typically done monthly in India. For more detailed information, refer to the respective official websites of EPFO and ESIC.
From India, Gurugram
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PF Online Transfer Process.pdf