As per employees' ESI contribution, we will calculate 1.75%. Yesterday, I submitted the ESI online. 1.75% amounts to 24,576.72 for total wages of 1,404,384. However, the online portal is calculating 24,642.00 (an additional Rs 65.28). Can anyone explain this discrepancy?
From India, Chennai
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From India, Chennai
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You are calculating 1.75% on the total wages, while the portal calculates 1.75% on individual wages. The difference could be due to rounded-off figures. Each .01 figure will be rounded off to the next rupee.
Regards,
Jitender
From India, New Delhi
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71Regards,
Jitender
From India, New Delhi
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Hii, use =round("GMS Salary" * 1.75% , 0) formula to calculate each employee ESIC amount, then after sum it.
From India, Delhi
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From India, Delhi
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ESI introduced the concept of rounding up a few years ago. Any contribution, either Employer or Employee contribution, that is greater than a rupee is rounded up to the next higher rupee. Even if it is 5 paise above a rupee, it is rounded up to the next higher rupee.
Try the formula =ROUNDUP("Gross salary"*1.75%, 0) for employee contribution and change it to 4.75% for employer contribution; you will arrive at the figure in the ESI portal. Please note that you have to compute this way for each employee.
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From India, Madras
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Try the formula =ROUNDUP("Gross salary"*1.75%, 0) for employee contribution and change it to 4.75% for employer contribution; you will arrive at the figure in the ESI portal. Please note that you have to compute this way for each employee.
Regards
From India, Madras
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