Hi All,
I was wondering if there is a Penalty clause attached for not paying the PF and ESIC for a month.
We are a start up company and we have paid out the first month salary (April) to our employees, due to some initial glitches, we could not get our PF and ESIC paperwork filed in time.
Now we have our consultant stating that there would be a 12% Interest and 25% damage in the next financial audit.
If the above said is true, is there any clause that can be used to avoid the damage, since we are a start up and these things take time.
If it is false, why did the consultant actually say this?
I am confused, since operating the PF and ESIC is new to me, in my previous company we had a separate dept handling this, now here as a HR Manager I find myself lost in this aspect.
Also, what other registration a company may need in terms of compliance?
We are in the BPO industry, working with UK and USA clients, with around 50 employees.
Please assist.
Thank you in advance.
Regards,
Ashwin Kumar
HR Manager,
Cube 6 Info Solutions
From India, Bangalore
8I was wondering if there is a Penalty clause attached for not paying the PF and ESIC for a month.
We are a start up company and we have paid out the first month salary (April) to our employees, due to some initial glitches, we could not get our PF and ESIC paperwork filed in time.
Now we have our consultant stating that there would be a 12% Interest and 25% damage in the next financial audit.
If the above said is true, is there any clause that can be used to avoid the damage, since we are a start up and these things take time.
If it is false, why did the consultant actually say this?
I am confused, since operating the PF and ESIC is new to me, in my previous company we had a separate dept handling this, now here as a HR Manager I find myself lost in this aspect.
Also, what other registration a company may need in terms of compliance?
We are in the BPO industry, working with UK and USA clients, with around 50 employees.
Please assist.
Thank you in advance.
Regards,
Ashwin Kumar
HR Manager,
Cube 6 Info Solutions
From India, Bangalore
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PF ESIC.xls