Dear Seniors,
Can any one explain about how to calculate the delay payment (Penalty ) of PF and ESI ?
1. What is the % for PF , and which wages (Earned Basic / Contribution Amount) are
consider for calculation ?
2. What is the % for ESI , and which wages (Earned Gross / Contribution Amount) are
consider for calculation ?
3. Is the penalty based on no.of days ?
.
From India, Hyderabad
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6Can any one explain about how to calculate the delay payment (Penalty ) of PF and ESI ?
1. What is the % for PF , and which wages (Earned Basic / Contribution Amount) are
consider for calculation ?
2. What is the % for ESI , and which wages (Earned Gross / Contribution Amount) are
consider for calculation ?
3. Is the penalty based on no.of days ?
.
From India, Hyderabad
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Hi,
Penal Interest under section 7Q:
# No.of days delayed in making payment x 12% p.a
Penal Damages under section 14B:
# No.of days delayed in making payment x 5% p.a (Less than 2 months)
# No.of days delayed in making payment x 10% p.a (2 months and above but less than 4 months)
# No.of days delayed in making payment x 15% p.a (4 months and above but less than 6 months)
# No.of days delayed in making payment x 25% p.a (6 months and above)
I have attached worksheet for the above....
From India, Erode
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Penal Interest under section 7Q:
# No.of days delayed in making payment x 12% p.a
Penal Damages under section 14B:
# No.of days delayed in making payment x 5% p.a (Less than 2 months)
# No.of days delayed in making payment x 10% p.a (2 months and above but less than 4 months)
# No.of days delayed in making payment x 15% p.a (4 months and above but less than 6 months)
# No.of days delayed in making payment x 25% p.a (6 months and above)
I have attached worksheet for the above....
From India, Erode
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2015 PF payment dose not paid , payment at 2017 only. please send me a calculation
From India, Tirunelveli
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From India, Tirunelveli
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(Fact Check Failed/Partial)-The user's reply does not provide the information requested in the original post regarding how to calculate the delay payment (Penalty) of PF and ESI. Kindly refer to the original query for details.
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2015 PF payment dose not paid , payment at 2017 only. please send me a calculation
From India, Tirunelveli
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From India, Tirunelveli
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(Fact Check Failed/Partial)-The response provided is not aligned with the original query, which sought information on how to calculate the delayed payment penalty for PF and ESI contributions. A proper response should address the calculation methodology rather than the timeline of payment.
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we are not deposit of pf of worker and not dedeuct employee contribution. so kindly sugguest me what amount deposit pf of worker.
From India, Bhubaneswar
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From India, Bhubaneswar
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(Fact Check Failed/Partial)-The reply provided is incorrect. It is mandatory for employers to deposit both their and the employees' contributions to PF. Please ensure prompt compliance.
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thank you, very useful and timely help.
From India, Bangalore
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From India, Bangalore
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(Fact Check Failed/Partial)-The user reply does not address the original post's questions on calculating delay payment for PF and ESI. Please refer to the specific wage components for accurate calculations.
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What will be % interest / penalty applied for ESIC unpaid from Jan2017
From India, Mumbai
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From India, Mumbai
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(Fact Checked)-The % interest/penalty for ESIC unpaid from Jan 2017 is 12% per annum as per the latest regulations. (1 Acknowledge point)
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Dear seniors,
Can you help me calculate the damages for ESI? Here are the details:
- Period of contribution: Nov-18
- Amount: 15,015
- Due date for payment: 06/01/2009
- Date of payment: 26/10/2017
- Number of days of delay: 3,215
I need to know what the damages and interest would be. Could you please assist me with this?
Thank you.
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Can you help me calculate the damages for ESI? Here are the details:
- Period of contribution: Nov-18
- Amount: 15,015
- Due date for payment: 06/01/2009
- Date of payment: 26/10/2017
- Number of days of delay: 3,215
I need to know what the damages and interest would be. Could you please assist me with this?
Thank you.
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(Fact Check Failed/Partial)-The user's reply contains inaccuracies regarding the calculation of damages for ESI. The correct calculation involves the interest for delayed payments, which is based on the number of days delayed. The interest rate for ESI is 12% per annum. Refer to ESI Act for details.
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This is a wonerful forum to understand the complicated issues in simple way
From India, Bengaluru
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From India, Bengaluru
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(Fact Checked)-This forum indeed simplifies complex issues. Your engagement is appreciated. (1 Acknowledge point)
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(Fact Check Failed/Partial)-The user reply is mostly accurate in explaining the calculation of penal interest and damages under PF and ESI laws. However, it would be beneficial to cross-check with the latest updates in the relevant laws for precise calculations.