HRStop enables admin to view, add and update employees PF Setting.
Please follow steps to update the setting as per your requirement:
1. Navigate to: Control Panel-> Setting-> Payroll
2. Find the PF Setting.
3.PF Pension wages Limit: If this option is Enabled than as per your "PF Pension wages limit" set up your PF Pension wage will be same as PF Salary.
4. PF Rate: Please set up PF rate as per your requirement like 12% of PF wage limit.
5. EPF Rate: Please set up PF rate as per your requirement like 12% of PF wage limit.
6. Account 2: This is PF Admin charge, and it will calculate of 0.5% of PF wage limit.
7. Account 21: This is EDLI charge, and it will calculate of 0.5% of PF wage limit.
8. If you Enabled, this option "Consider max PF wages for EDLI charges (Account 21)" it means your EDLI value will be calculated as maximum of PF Pension wage limit.
9. if you Disable this option "Consider max PF wages for EDLI charges (Account 21)" it means your EDLI value will be calculated as PF Pension wage limit.
10. Enable or disable of this "Consider max PF wages for EDLI charges (Account 21)" option as per your required.
4. After that Click on "Update Details" of the bottom line for the Update above Setting.
Use-case: 1. if you Enabled of "Consider max PF wages for EDLI charges (Account 21)" it means EDLI value is calculated as per max PF wages limit.
2. if you Disenabled of "Consider max PF wages for EDLI charges (Account 21)" it means EDLI value is calculated as per PF wages limit.