Covid-19 PF Relief Component (22)

Covid-19 pandemic pushed the economy into a major financial crisis. The Central Government has come up with several relaxation measures to ensure cash liquidity with the employers and employees. The Ministry of Labour and Employment published a notification dated 18th May 2020 to provide relief for PF by allowing employee and employer to reduce their PF contribution rate. greytHR is now ready with these changes in the application. You can configure the Covid-19 PF relief component from the Payroll Process and Salary page.

Will the PF report shows the individual family pension fund and employer's break up in the PF statement?

Created by Product Content Team, Modified on Mon, 18 Mar at 6:53 AM by Product Content Team
Will there be any changes in the PF ECR report?

Created by Product Content Team, Modified on Mon, 18 Mar at 6:56 AM by Product Content Team
Can we set 2% PF as a special allowance instead of creating the new component under gross?

Created by Product Content Team, Modified on Mon, 18 Mar at 6:57 AM by Product Content Team
Is the Reduction allowance component a one-time tax or projected tax?

Created by Product Content Team, Modified on Mon, 18 Mar at 6:58 AM by Product Content Team
Will the system revert back these changes in August?

Created by Product Content Team, Modified on Mon, 18 Mar at 6:59 AM by Product Content Team
Can employees contribute different PF rates for May, June and July i.e. contribute 12% for May month and contribute 10% for June & July?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:01 AM by Product Content Team
How to configure Covid-19 PF Relief Component?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:02 AM by Product Content Team
Is it permissible for employer or employee to make contributions at a rate higher than the mandated 10%?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:04 AM by Product Content Team
What will be the rate of contribution for administrative charges and insurance?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:05 AM by Product Content Team
My establishment will not be able to remit dues timely during the scheme period. Is it still eligible for the reduced rate of contribution?

Created by Product Content Team, Modified on Mon, 18 Mar at 7:05 AM by Product Content Team