Dear Seniors, I have appointed two new employees on the CTC 15500 and 18000. They have never been onboarded in EPF and ESIC in their previous jobs. Could I deduct EPF or ESIC from my company? Or can I only deduct ESIC as they are out of the EPF range? Kindly help me calculate.
Regards,
Sidharth
From India, Varanasi
Regards,
Sidharth
From India, Varanasi
What are included under CTC? Coverage will depend on their gross salary and not CTC.
From India, Kannur
4245From India, Kannur
Madhu Sir, What if i have to bifurcate above salary in Basic+DA,HRA and Extra Work Allowances for ESIC only!
From India, Varanasi
From India, Varanasi
No benefit at all because for ESI, all these components will be treated as part of wages only. What is Extra work allowance? Is it overtime allowance? Naturally, you cannot fix the overtime allowance and mention the same in the contract of employment. Naturally, it is variable according to work, and for coverage and out of coverage, the overtime amount will not be counted as wages but for contribution it will be counted as part of wages qualifying contribution to ESI.
From India, Kannur
From India, Kannur
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