In ESI contribution, Employee Contribution is rounded up an example if the ESI value is 312.10 it will be rounded and the value will be 313. But for Employer Contribution how will this work?
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The ESI (Employee State Insurance) contribution, both from the employee and the employer, is based on the gross earnings of the employee. The rounding off procedure for the employer's contribution works similarly to that of the employee's contribution.
If the decimal part of the contribution is 50 paise or above, it is rounded up to the next whole number. Conversely, if it is less than 50 paise, it is ignored. For instance, if the employer's contribution comes to 312.50, it will be rounded off to 313. But if it's 312.49, it will remain as 312.
Please note that these contributions are subject to changes as per the latest amendments in the ESI Act, 1948. For the most recent and detailed information, you should refer to the official website of the Employee's State Insurance Corporation http://www.esic.nic.in/.
From India, Gurugram
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54If the decimal part of the contribution is 50 paise or above, it is rounded up to the next whole number. Conversely, if it is less than 50 paise, it is ignored. For instance, if the employer's contribution comes to 312.50, it will be rounded off to 313. But if it's 312.49, it will remain as 312.
Please note that these contributions are subject to changes as per the latest amendments in the ESI Act, 1948. For the most recent and detailed information, you should refer to the official website of the Employee's State Insurance Corporation http://www.esic.nic.in/.
From India, Gurugram
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One-time Relaxation For Employers On Filing Of ESI Contribution For The Contribution Period Apri.pdf