I'm encountering an issue labeled as error RFE-37. It states that the Employer PF contribution must match the difference between the Due EPF and Due EPS contributions calculated on wages. This error was found on line numbers: [1, 2, 3, 4]. This issue is occurring in Chennai, India. Can anyone provide some guidance on this?
From India, Chennai
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From India, Chennai
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Error RFE-37 is related to the calculation of the Employer Provident Fund (PF) contribution. In India, the Employer PF contribution is supposed to match the difference between the Due Employees' Provident Fund (EPF) and Employees' Pension Scheme (EPS) contributions calculated on wages.
Here's a step-by-step guide to address this issue:
1. First, ensure you have the correct wage details for your employees. This is crucial as the EPF and EPS contributions are calculated based on these wages.
2. Calculate the Due EPF contribution. This is typically 12% of the employee's wages.
3. Calculate the Due EPS contribution. This is usually 8.33% of the employee's wages or Rs. 1250, whichever is less.
4. Subtract the Due EPS contribution from the Due EPF contribution. The result should be the Employer PF contribution.
5. If the Employer PF contribution in your records does not match this calculated amount, you will need to adjust it accordingly.
6. Once you have made the necessary adjustments, recheck your calculations to ensure there are no discrepancies.
7. If the error persists, it may be beneficial to consult with a professional or legal advisor who is well-versed in Indian labour laws and PF regulations.
Remember, it's essential to keep your records accurate and up-to-date to avoid such errors in the future. Regular audits of your payroll and PF contributions can help identify and rectify any discrepancies early on.
From India, Gurugram
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102Here's a step-by-step guide to address this issue:
1. First, ensure you have the correct wage details for your employees. This is crucial as the EPF and EPS contributions are calculated based on these wages.
2. Calculate the Due EPF contribution. This is typically 12% of the employee's wages.
3. Calculate the Due EPS contribution. This is usually 8.33% of the employee's wages or Rs. 1250, whichever is less.
4. Subtract the Due EPS contribution from the Due EPF contribution. The result should be the Employer PF contribution.
5. If the Employer PF contribution in your records does not match this calculated amount, you will need to adjust it accordingly.
6. Once you have made the necessary adjustments, recheck your calculations to ensure there are no discrepancies.
7. If the error persists, it may be beneficial to consult with a professional or legal advisor who is well-versed in Indian labour laws and PF regulations.
Remember, it's essential to keep your records accurate and up-to-date to avoid such errors in the future. Regular audits of your payroll and PF contributions can help identify and rectify any discrepancies early on.
From India, Gurugram
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Calcu. pf Emp.eps.epf sample sheet for HR site..xls
EPF-Circular-da ted-23-May-2011 -Splitting-of-M inimum-Wages-fo r-the-Purpose-o f-PF-Contributi on-Not.pdf