Hi All, I am working on compliance, recently got a minimum wages break up for Facility service. As I see, they have calculated the ESIC 4.75% with Basic +Bonus amount (8.33%). I have search on google for calculation the salary breakup, but nothing found.
Example -
Basic - 14000 /-
Bonus (8.33% of Basic) - 1166 /-
ESIC Calculated (4.75%) - (14000+1166)*4.75% = 720 /-
Please suggest.
From India, undefined
1Example -
Basic - 14000 /-
Bonus (8.33% of Basic) - 1166 /-
ESIC Calculated (4.75%) - (14000+1166)*4.75% = 720 /-
Please suggest.
From India, undefined
Hello Gyandeep,
ESI Contribution Rates Revised/ Reduced for 2019-20 (Employer 3.25%, Employee 0.75%)
Govt. has amended the ESIC Rules and has notified revised/ reduced rates of ESI Contribution applicable for Employers (reduced from 4.75% to 3.25%) and for Employees (reduced from 1.75% to 0.75%), w.e.f. 1 July 2019 (i.e. during FY 2019-20).
Please refer the following link
https://www.caclub.in/revised-esi-co...employee-0-75/
ESI Contribution Rates Revised/ Reduced for 2019-20 (Employer 3.25%, Employee 0.75%)
Govt. has amended the ESIC Rules and has notified revised/ reduced rates of ESI Contribution applicable for Employers (reduced from 4.75% to 3.25%) and for Employees (reduced from 1.75% to 0.75%), w.e.f. 1 July 2019 (i.e. during FY 2019-20).
Please refer the following link
https://www.caclub.in/revised-esi-co...employee-0-75/
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CTC CALCULATION SHEET.xls
ESIC Calculation.zip