What is EPF (Employee Provident Fund Scheme)?
Employee Provident Fund is a retirement savings scheme (backed by the government) provided to all salaried employees.
The employee and the employer contribute together, and the amount earns interest. A PF withdrawal can be claimed after retirement or after two months of changing jobs.
What are the EPF Contribution Rates?
Since EPF requires contributions from both parties, i.e., the employee and the employer, here’s how each party does their part.
Employees must contribute 10% to 12% of their basic salary.
The employer has to contribute the same amount, 10% to 12% of the employee’s basic salary but not more than 1,800 INR.
How to Set EPF in the SalaryBox App?
To set EPF in the SalaryBox app, you must create a salary template first. Follow the steps below to create a salary template with EPF added.
1. Open the SalaryBox app and go to Settings.
2. Scroll down and select Salary Settings.
3. Click on Manage Salary (CTC Template).
4. Select + Create Template.
5. Name the Template and add the basic salary percentage. Make it 100% if you don’t provide any allowances.
6. Tap before the Employer PF and select the desired value.
7. Make the same changes under the Deductions sections.
8. When done, click Create Template at the bottom to save the template.
If you want your specific employees' salaries to be calculated based on the created template, you have to set the created template for the employees. To set the created template for the employees, click here.
1. First, open the SalaryBox app on your iPhone.
2. Click on the employee name to who you want to add EPF (Employee’s Provident Fund).
3. Tap on the three dots at the top right corner and select Edit Employee from the list.
4. Scroll down to the Salary Payment Info and click on Edit ESI, EPF, and Allowance.
5. Select the preferred month from the ‘Salary from’ option.
6. Click on Employer PF under the Earnings section and select the preferred value.
7. Follow the same steps on Employer PF under the Deduction section.
8. Once done, click on Update to save the details.
1. Open the SalaryBox desktop application and go to Settings.
2. Scroll down to the Salary Settings and select Create Salary Template.
3. Tap on + Create Salary Template.
4. Name the Template and enter the basic salary percentage.
5. Tap in front of the Employer PF and select the desired value from the drop-down.
6. Select the desired value for Employee PF under the Deductions section similarly.
7. Click on Save to create the template.
Once the template is saved, you can set it for the specific employees with the help of this article.
If you’re having issues adding employee PF or need further assistance, you can contact our support team at email@example.com
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