An employee is drawing more than Rs. 6500/- and he wants to contribute 12% of his full salary and also get the 3.67% contribution of the employer share. However, the pension contribution (8.33%) should be limited to the ceiling amount (i.e., 6500).
How should the figure be entered in the salary data entry? As per the software instructions, EE is to be shown as N and EPS N in the Employee Master, and the full contribution amount in VPF in the monthly salary data entry. However, at the end, the total salary is generated and limited to @6500/-. I believe this is an error, and it should be the full amount of the salary of all employees without limiting it to @6500/-. Please let me know the correct practice.
Gopalan
From United States, New York
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How should the figure be entered in the salary data entry? As per the software instructions, EE is to be shown as N and EPS N in the Employee Master, and the full contribution amount in VPF in the monthly salary data entry. However, at the end, the total salary is generated and limited to @6500/-. I believe this is an error, and it should be the full amount of the salary of all employees without limiting it to @6500/-. Please let me know the correct practice.
Gopalan
From United States, New York
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From India, Mumbai
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From India, Mumbai
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