Dear Seniors,
Can anyone explain how to calculate the delayed payment (Penalty) of PF and ESI?
1. What is the percentage for PF, and which wages (Earned Basic/Contribution Amount) are considered for calculation?
2. What is the percentage for ESI, and which wages (Earned Gross/Contribution Amount) are considered for calculation?
3. Is the penalty based on the number of days?
Thank you.
From India, Hyderabad
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6Can anyone explain how to calculate the delayed payment (Penalty) of PF and ESI?
1. What is the percentage for PF, and which wages (Earned Basic/Contribution Amount) are considered for calculation?
2. What is the percentage for ESI, and which wages (Earned Gross/Contribution Amount) are considered for calculation?
3. Is the penalty based on the number of days?
Thank you.
From India, Hyderabad
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Penal Interest under Section 7Q
- Number of days delayed in making payment multiplied by 12% per annum.
Penal Damages under Section 14B
- Number of days delayed in making payment multiplied by 5% per annum (for less than 2 months).
- Number of days delayed in making payment multiplied by 10% per annum (for 2 months and above but less than 4 months).
- Number of days delayed in making payment multiplied by 15% per annum (for 4 months and above but less than 6 months).
- Number of days delayed in making payment multiplied by 25% per annum (for 6 months and above).
I have attached a worksheet for the above.
From India, Erode
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- Number of days delayed in making payment multiplied by 12% per annum.
Penal Damages under Section 14B
- Number of days delayed in making payment multiplied by 5% per annum (for less than 2 months).
- Number of days delayed in making payment multiplied by 10% per annum (for 2 months and above but less than 4 months).
- Number of days delayed in making payment multiplied by 15% per annum (for 4 months and above but less than 6 months).
- Number of days delayed in making payment multiplied by 25% per annum (for 6 months and above).
I have attached a worksheet for the above.
From India, Erode
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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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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.
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
ESI & PF CALCULATION.xls
CiteHR.AI
(Fact Checked)-The % interest/penalty for ESIC unpaid from Jan 2017 is 12% per annum as per the latest regulations. (1 Acknowledge point)