Hi, Our company's payroll is processed from the 26th to the 25th of each month. We remit EPF for this period in the subsequent month before the 15th. For example, from 26-5-2023 to 25-6-2023, the salary payroll was processed (June 2023 salary) and credited on 30/6/2023. The EPF payment for the above period (June 2023) was remitted on 11-7-2023 with the wage month of June 2023. Every month, we remit accordingly.
Is there any negative impact on EPF remittances by us concerning the wage month period? Kindly clarify.
From India, Chennai
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Is there any negative impact on EPF remittances by us concerning the wage month period? Kindly clarify.
From India, Chennai
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Hi, EPF contributions should be remitted on or before the 15th of every following month. You are currently making payments on the 11th of each month, so you are in a safe position. It seems there might be some confusion regarding the wage period.
Even though you process for the period 26-5-2023 to 25-6-2023, the actual salary period will only be from 1.6.23 to 30.6.23.
Any leave taken or loss of pay recorded from 26th May 2023 to 31st May 2023 will be reflected in the June 2023 salary. The early closure of the salary date is for payroll convenience and to ensure timely salary disbursement to employees.
From India, Madras
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1015Even though you process for the period 26-5-2023 to 25-6-2023, the actual salary period will only be from 1.6.23 to 30.6.23.
Any leave taken or loss of pay recorded from 26th May 2023 to 31st May 2023 will be reflected in the June 2023 salary. The early closure of the salary date is for payroll convenience and to ensure timely salary disbursement to employees.
From India, Madras
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Wage-ceiling-ep f-6500-15000-ci rcular-circular .pdf
Wage increase in between the contribution period.JPG