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Covid-19 pandemic pushed the economy into a major financial crisis. The Central Government has come up with several relaxation measures to ensure cash liquidity with the employers and employees.
The Ministry of Labour and Employment published a notification dated 18th May 2020 to provide relief for PF contribution for both employees and employers. You can view the order copy here

We have created a page labelled as Covid-19 PF Relief that helps you to configure the employee and employer PF contribution for Covid-19 PF relief component. 

Navigating to Covid-19 PF Relief page

You can navigate to Covid-19 PF Relief page through the following methods: 

  1. Log into greytHR. You can see a banner on your right-hand side. Click Configure Now to navigate to Covid-19 PF Relief page.  
    Final screen to be added (Banner)
  2. Navigate to Payroll > Main > Overview. You can see an information box with a link to click Configure Now. Click Configure Now and you will be navigated to Covid-19 PF Relief page.
    Final screen to be added
  3. Navigate to Payroll > Payroll Inputs > Salary. You can see an information box with a link to click Configure Now. Click Configure Now and you will be navigated to Covid-19 PF Relief page.  
    Final screen to be added

Covid-19 PF Relief Configuration

You can configure employee and employer PF contribution for Covid-19 PF relief component here. Based on the selection of PF contribution and various other factors, there are different scenarios and are explained below. 

Perform the following steps to configure the Covid-19 PF relief component:

  1.  Select Employee PF Contribution percentage from the drop-down list.

    You must select 10% here if you would like to provide the PF financial relief to your employee.

  2.  Select Employer PF Contribution percentage from the drop-down list.    
  3. Select Yes for Is Employer PF part of CTC and would like to pay back the excess PF amount to employees option button. If you choose Yes, you are agreeing to pay back the extra 2% amount to your employees. 

    If you have selected Employer PF Contribution as 12%, then this option will be disabled for you and you cannot take any action.

  4. Select Monthly Employer PF component which is part of CTC from the drop-down list. The selected component will be used to map to full monthly PF component which is part of CTC.

    If you have selected Employer PF Contribution as 12%, then this option will be disabled for you and you cannot take any action.

    If you have selected No for Is Employer PF part of CTC and would like to pay back the excess PF amount to employees, then this option will be disabled for you and you cannot take any action.

  5. Enter the new component name in Excess amount to be paid as text box. A new component will be created under your Gross and your employees will receive the excess PF amount under this component name. The default component name will be Covid-19 PF Relief.  

    If you have selected Employer PF Contribution as 12%, then this option will be disabled for you and you cannot take any action.

    If you have selected No for Is Employer PF part of CTC and would like to pay back the excess PF amount to employees, then this option will be disabled for you and you cannot take any action.

  6. Select the disclaimer check box which is labelled as I acknowledge that a new component will be created under Gross which will calculate the excess employer PF contribution and will be paid to your employees for the next 3 months. You cannot proceed without selecting the disclaimer check box.
  7. Click Save to configure your Covid-19 PF relief component. Clicking on Save will take you to PF contribution percentage details where you can see your configuration details. 
    Final Screen

 

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